Are Capital Structure Decisions of Family-Owned SMEs Different? Empirical Evidence From Portugal

This study analyses if ownership structure is an important determinant of capital structure decisions, on basis of two sub-samples of family-owned and non-family owned SMEs, sing panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the rate of adjustment of short and long-term debt toward the respective target levels. The empirical evidence obtained in this study suggests that family-owned firms have the possibility to reach their target short and long-term debt ratios, corroborating the assumptions of Trade-Off Theory. Whereas non-family owned firms follow almost exclusively the behaviour forecasted by Pecking Order Theory, i.e., when internal finance is insufficient, those firms turn to short-term debt, and their variations of short-term debt are almost exclusively a consequence of the financial deficit.Family-Owned SMEs, Long-Term Debt; Non-Family Owned SMEs, Panel Data Models, Short-Term Debt.

Workforce planning in a lotsizing mail processing problem

The treatment of mail objects in a mail processing centre involves many operations, in particular sorting by destination. Out of the batching problem that we can identify in such a process, there are also staff planning concerns. In this paper, we analyse a treatment area (registered mail) belonging to a mail processing center, where mail objects are treated in a chain production process. The production quantities and the transfer amounts among machines are required to be determined along the daily work period. The objective is to minimize the costs with human resources needed in the process, linked with the lotsizing production plan, by matching staff to work requirements. This leads into a lotsizing and workforce problem, for which we propose an integer programming formulation. A case study of a particular treatment area is also discussed. The formulation is adjusted to the specific constraints of this case study and some computational results are included, considering average, small and high daily amounts of mail arrived to that particular treatment area.http://www.sciencedirect.com/science/article/B6VC5-4CK7RXK-4/1/5986796334d7e593786cb5bf5b7dc4a

Combined impacts of climate and socio-economic scenarios on irrigation water availability for a dry Mediterranean reservoir

The impacts of climate and associated socio-economic changes on water availability, including supply and demand, quality, and storage volume, were evaluated for the Vale do Gaio reservoir in southern Portugal, located in a dry Mediterranean climate and already under drought stress. The SWAT model was applied with 6 scenarios for 2071-2100, involving two storylines (A1B and B1) with individual changes in climate (-9% rainfall, increasing in winter by +28 to +30%), socio-economic conditions (an increase in irrigation demand by 11%, and a replacement of cereals and pastures by sunflower), and a combination of both. Most future scenarios resulted in lower water availability, due to lower supply (-19 to -27%) combined with higher irrigation demand (+3 to +21%). This resulted in more years with limited irrigation supplies (presently: 28%; scenarios: 37 to 43%), although limitations were mitigated by lower losses to excess discharge. Land-use changes also decreased quality by increasing P concentrations (+29 to +93%). Impacts were more severe in scenario A1B than in B1, and in combined changes than in climate or socio-economic changes only. Water availability was resilient to climate change, as impacts led only to a moderate aggravation of present-day conditions. Lower future water availability could be addressed by supply and demand management strategies and, in the most extreme scenario, by water transfers from regional water reserves; water quality issues could be addressed through land-use policies. Results also highlighted the importance of taking the characteristics of water supply systems into account when designing adaptation measures for future changes.info:eu-repo/semantics/publishedVersio

Classe de Letras

info:eu-repo/semantics/publishedVersio

Discurso proferido pelo vice-presidente da academia e presidente da classe de letras prof. doutor M. Jacinto Nunes

info:eu-repo/semantics/publishedVersio

Rendimento nacional e equilíbrio orçamental

Doutoramento em Economi

Classe de Letras

info:eu-repo/semantics/publishedVersio

Classe de Letras

info:eu-repo/semantics/publishedVersio