Gender diversity in management has become of increased interest to academics and researchers in t... more Gender diversity in management has become of increased interest to academics and researchers in the last decades since women and men have different personal and psychological characteristics that affect their decision-making process in management actions and leadership. A female presence has been under-represented on companies’ boards of directors, which affects management decisions and leadership style. This article aims to contribute to the analysis of gender diversity and leadership state of knowledge, conducting a bibliometric review of the existing literature. In this context, we analyze the evolutional research studies published in the Scopus digital library, considering a period of five years, from 2017 to 2021. We focus our analysis on the top 24 cited articles after a wider review of articles published relating to the explored topic (402 articles). Considering the bibliometric analysis done, we then present scrutiny of the state of knowledge on this subject, a summary of th...
this hypothesis holds between export product diversification and environmental pollution, stratif... more this hypothesis holds between export product diversification and environmental pollution, stratifying by carbon energy content: renewable (Model 1) and fossil energy (Model 2). Quarterly data are collected over the most available and recent period (i.e., 1990Q1-2018Q4) and computed by applying the Quadratic Match-Sum Method (QMS) on annual series. Besides, per capita income and foreign direct investments are included as additional factors to the baseline models specifications. The empirical analysis comprises the Clemente-Montanes-Reyes unit root test with structural break and additive outlier, the autoregressive distributed lag (ARDL) bounds test for cointegration, the Granger causality test, and dynamic (DOLS) and fully modified OLS (FMOLS) estimators, followed by robustness checks confirming the stability of the coefficients exhibited in the two autoregressive settings. For both models, empirical results failed to support the existence of an inverted-U-shaped relationship among export product diversification and carbon release from fuel combustion in China. Also, as income grows, low-carbon resources seem improving export diversification and vice versa. Related findings are thought to bring robust inferences able to complement the existing literature and open a fruitful research direction.
Notas sobre o(s) autor(es)/ Authors notes Joana Gonçalves, Licenciada em Turismo e Mestre em Gest... more Notas sobre o(s) autor(es)/ Authors notes Joana Gonçalves, Licenciada em Turismo e Mestre em Gestão e Planeamento em Turismo, pela Universidade de Aveiro, trabalha como agente na Lufthansa Ground Services Portugal, permitindo-lhe exercer na área e ampliar a sua vocação pelo domínio turístico. É realmente apreciadora de destinos costeiros, tendo estes se tornado inspiração para o desenvolvimento de um estudo sobre os mesmos.
Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management, 2022
In Portugal, fires have originated a big debate not only because of the environmental damages the... more In Portugal, fires have originated a big debate not only because of the environmental damages they cause but also because of the material damages they provoke to families and companies. This way, it is important to understand how these events impact companies' cash holdings, not because of the direct damages caused by them, but because of managers' loss aversion. The empirical evidence, mainly documented by Dessaint and Matray and Kahneman and Tversky, were the main sources to this empirical study, where the authors have chosen to work with panel data analysis using a sample of 38,574 small and medium enterprises during the period from 2009 to 2015. About the obtained results, there is evidence that cash holdings increase when managers of a company located in a region close to a fire, but not directly damaged by it, perceive a salient event of a future fire. In other words, when they anticipate the occurrence of an identical event, cash holdings are increased to protect the ...
2018 15th International Conference on the European Energy Market (EEM), 2018
In this study we investigate if in the market of electricity generation the companies that partic... more In this study we investigate if in the market of electricity generation the companies that participate on it use market power to influence prices using data collected from the Iberian market, Nord Pool and EPEX (EEX and EXAA) from 1 January 2013 until 31 December 2016. The contribution of this work is by presenting results for the evolution analysis of energy prices and Energy traded volume in the daily gross market and infer if the market power influences prices at the European scale. Several price regulation policies in electricity markets may be induced from the data analysis, but all points that there is still a long road to follow until we reach the complete and effective electricity market liberalization at the European level before we can transform it into the integrated and competitive market, as desirable.
New Governance and Management in Touristic Destinations, 2022
This chapter aims to fill the knowledge gap regarding the relationship between tourism and air qu... more This chapter aims to fill the knowledge gap regarding the relationship between tourism and air quality, specifically in the Portuguese tourism industry, with a focus on tourist nationality. It examines whether this relationship differs according to tourist origin. This study uses an air pollutant, PM10, with a strong impact on human health that has been highly neglected in the literature. Despite the great use of CO2 in assessing the causal relationship between tourism and the environment, this is not the best indicator of air quality (AQ). This chapter presents results by applying vector autoregressive models (VAR) with monthly data for the period of 2007-2017, considering the nationality of tourists that visit Portugal. Results suggest that PM10 levels and tourism are negatively correlated (in the Pearson sense) with a link between them in the long run. This relationship is confirmed by the four methodologies tested. The negative relation in Pearson and cointegration results sugge...
O presente trabalho propoe-se a estudar as caracteristicas e decisoes dos investidores. Para real... more O presente trabalho propoe-se a estudar as caracteristicas e decisoes dos investidores. Para realizar este trabalho foi implementado um questionario de forma a avaliar carateristicas, preferencias, conhecimentos, e perfil de risco dos individuos, com uma amostra da populacao portuguesa, cujos dados se referem ao inicio de 2017. Passado o processo de recolha de dados foi calculada a aversao ao risco por 2 processos diferentes permitindo avaliar as semelhancas entre os processos. Por fim, foram relacionadas as carateristicas e o perfil de risco identificado para os agentes para com as preferencias por ativos, numero de ativos e investimento em cada ativo. Diogo Ribeiro e Mestre em Economia - Ramo Financas, pela Universidade de Aveiro e o principal responsavel pela obra aqui agora apresentada. Anabela Botelho Veloso e Professora Catedratica no DEGEIT, UA e acompanhou este processo enquanto coorientadora.
Corporate Social Responsibility and Environmental Management, 2019
Companies are increasingly adopting strategies that simultaneously reduce their negative impact o... more Companies are increasingly adopting strategies that simultaneously reduce their negative impact on the environment and minimize the extraction of natural and energy resources, used as inputs in their production process. The concern for the sustainable development of countries and regions and environmental sustainability of companies is increasingly present. Nevertheless, does it make up for the increased costs to protect the environment? The objective of this study is to evaluate how the environmental performance (EP) and the financial performance (FP) of companies are related, applying to the specific case of Portuguese companies during the 2008-2016 period. The relationship between pollution and FP reveals to be positive. Still, firms regard EP as additional costs, and these efforts do not seem to be strong enough to lead to a better FP. Both munificence and resource slack are included and reveal to have positive effects over FP and in the EP-FP relationship. Highlights • Pollution and financial performance relationship is positive (negative EP-FP link). • Environmental performance are additional costs; firms favor financial performance. • Munificence and slack have positive effects over financial performance. • Munificent environments provide an opportunity for environmental investments.
Management of Environmental Quality: An International Journal, 2011
Purpose – This paper seeks to analyze stylized statistical properties of the recent traded asset ... more Purpose – This paper seeks to analyze stylized statistical properties of the recent traded asset CO2 emission allowances, for spot and futures returns, examining also the relation linking convenience yield and risk premium, for the German European Energy Exchange (EEX) between October 2005 and October 2009. Design/methodology/approach – The study was conducted through empirical estimations of CO2 allowances risk premium, convenience yield, and their relationships. Findings – Future prices from an ex-post perspective are examined to show evidence for significant negative risk premium, or a positive forward premium. A positive relationship between risk premium and time-to-maturity is found. Both financial concepts are found to be negatively affected by spot price volatility. Convenience yield is positively influenced by CO2 price, while influencing the risk premium positively. Practical implications – From a financial perspective, allowances seem to be producing the desired effects in...
International Journal of Finance & Economics, 2011
This study accounts for the time-varying pattern of price shock transmission, exploring stock mar... more This study accounts for the time-varying pattern of price shock transmission, exploring stock market linkages using continuous time wavelet methodology. In order to sustain and improve previous results regarding correlation analysis between stock market indices, namely FTSE100, ...
Handbook of Research on Women in Management and the Global Labor Market, 2019
This chapter focuses on competences required from female students building on the analysis of per... more This chapter focuses on competences required from female students building on the analysis of perceived transversal competences expressed by female students as well as by male and female employers. The study addresses the transversal competences that are essential for female students transitions to the labor market looking at the deemed necessary competences from both male and female employers. The study offers a pan-European perspective from a sample of 282 female students, plus 88 male and female employers from Cyprus, Lithuania, Poland, and Portugal. Evidence unfolds a great deal of sensitivity on the part of female students regarding personal transversal competences and highlights different competence priorities demanded from female students by male and female employers. The results can inform the debates and policies about education programs and objectives while offering insights for female students' job searches.
Financial inclusion is a widely used measure to improve the living standards of households and fo... more Financial inclusion is a widely used measure to improve the living standards of households and foster inclusive economic growth. Thus, financial inclusion is one of the main policy objectives in developing countries. Besides, financial regulation (capital adequacy requirement) is a policy measure used to ensure financial stability. The objective of this study is to examine the effect of financial regulation on competitiveness and financial inclusion in 15 countries in the SADC (Southern Africa Development Community) region and 8 countries in the SAARC (South Asian Association for Regional Cooperation) region over the period 2005–2018. The result of Feasible Generalized Least Squares (FGLS) estimation suggests that financial regulation reduces competitiveness and hampers financial inclusion in the banking sector in the two regions. Furthermore, we find that financial stability moderates the negative effect of financial regulation on competitiveness and financial inclusion, meaning th...
The present study intends to explore the relationship between tourism growth and air pollution at... more The present study intends to explore the relationship between tourism growth and air pollution at a regional level for five important tourism European destinations: France, Spain, Greece, Portugal, and Italy. Most of the studies found in the literature examine this relationship on a national scale and focus only on the CO2 pollutant, which is a greenhouse gas but not a critical pollutant in terms of air quality and human exposure. This research focuses on a regional basis (NUTS 2 classification) and takes into account the main critical pollutants in terms of urban air pollution (namely: NOx, PM10, and PM2.5), and considers 10 years, from 2009 until 2018. This work aims to investigate evidence of a tourism-induced Environmental Kuznets Curve (EKC) for the countries through the construction of five panels, one for each country, including different variables: the Gross Domestic Product, the energy consumption, and the number of nights spent at tourist accommodation establishments from both domestic and foreign tourists. The Levin-Lin-Chu unit root test proves the variables to be stationary, while the Pedroni cointegration test shows that they are integrated. The pooled OLS estimator is employed throughout the countries to check the relationship among the variables. Results reveal that the tourism-induced EKC hypothesis is not validated for any of the countries. The findings also show that in Portugal, Italy, and Greece, there is a negative relationship between economic growth and environmental pollution, while mixed evidence is found for France and Spain. Moreover, differences in the impacts of international and domestic tourists on air pollution are found: foreign tourists negatively impact emissions, while domestic ones increase them. This result is clear for Spain, Greece, and Italy. The Granger panel causality test is then conducted to see the causality among the variables.
Gender diversity in management has become of increased interest to academics and researchers in t... more Gender diversity in management has become of increased interest to academics and researchers in the last decades since women and men have different personal and psychological characteristics that affect their decision-making process in management actions and leadership. A female presence has been under-represented on companies’ boards of directors, which affects management decisions and leadership style. This article aims to contribute to the analysis of gender diversity and leadership state of knowledge, conducting a bibliometric review of the existing literature. In this context, we analyze the evolutional research studies published in the Scopus digital library, considering a period of five years, from 2017 to 2021. We focus our analysis on the top 24 cited articles after a wider review of articles published relating to the explored topic (402 articles). Considering the bibliometric analysis done, we then present scrutiny of the state of knowledge on this subject, a summary of th...
this hypothesis holds between export product diversification and environmental pollution, stratif... more this hypothesis holds between export product diversification and environmental pollution, stratifying by carbon energy content: renewable (Model 1) and fossil energy (Model 2). Quarterly data are collected over the most available and recent period (i.e., 1990Q1-2018Q4) and computed by applying the Quadratic Match-Sum Method (QMS) on annual series. Besides, per capita income and foreign direct investments are included as additional factors to the baseline models specifications. The empirical analysis comprises the Clemente-Montanes-Reyes unit root test with structural break and additive outlier, the autoregressive distributed lag (ARDL) bounds test for cointegration, the Granger causality test, and dynamic (DOLS) and fully modified OLS (FMOLS) estimators, followed by robustness checks confirming the stability of the coefficients exhibited in the two autoregressive settings. For both models, empirical results failed to support the existence of an inverted-U-shaped relationship among export product diversification and carbon release from fuel combustion in China. Also, as income grows, low-carbon resources seem improving export diversification and vice versa. Related findings are thought to bring robust inferences able to complement the existing literature and open a fruitful research direction.
Notas sobre o(s) autor(es)/ Authors notes Joana Gonçalves, Licenciada em Turismo e Mestre em Gest... more Notas sobre o(s) autor(es)/ Authors notes Joana Gonçalves, Licenciada em Turismo e Mestre em Gestão e Planeamento em Turismo, pela Universidade de Aveiro, trabalha como agente na Lufthansa Ground Services Portugal, permitindo-lhe exercer na área e ampliar a sua vocação pelo domínio turístico. É realmente apreciadora de destinos costeiros, tendo estes se tornado inspiração para o desenvolvimento de um estudo sobre os mesmos.
Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management, 2022
In Portugal, fires have originated a big debate not only because of the environmental damages the... more In Portugal, fires have originated a big debate not only because of the environmental damages they cause but also because of the material damages they provoke to families and companies. This way, it is important to understand how these events impact companies' cash holdings, not because of the direct damages caused by them, but because of managers' loss aversion. The empirical evidence, mainly documented by Dessaint and Matray and Kahneman and Tversky, were the main sources to this empirical study, where the authors have chosen to work with panel data analysis using a sample of 38,574 small and medium enterprises during the period from 2009 to 2015. About the obtained results, there is evidence that cash holdings increase when managers of a company located in a region close to a fire, but not directly damaged by it, perceive a salient event of a future fire. In other words, when they anticipate the occurrence of an identical event, cash holdings are increased to protect the ...
2018 15th International Conference on the European Energy Market (EEM), 2018
In this study we investigate if in the market of electricity generation the companies that partic... more In this study we investigate if in the market of electricity generation the companies that participate on it use market power to influence prices using data collected from the Iberian market, Nord Pool and EPEX (EEX and EXAA) from 1 January 2013 until 31 December 2016. The contribution of this work is by presenting results for the evolution analysis of energy prices and Energy traded volume in the daily gross market and infer if the market power influences prices at the European scale. Several price regulation policies in electricity markets may be induced from the data analysis, but all points that there is still a long road to follow until we reach the complete and effective electricity market liberalization at the European level before we can transform it into the integrated and competitive market, as desirable.
New Governance and Management in Touristic Destinations, 2022
This chapter aims to fill the knowledge gap regarding the relationship between tourism and air qu... more This chapter aims to fill the knowledge gap regarding the relationship between tourism and air quality, specifically in the Portuguese tourism industry, with a focus on tourist nationality. It examines whether this relationship differs according to tourist origin. This study uses an air pollutant, PM10, with a strong impact on human health that has been highly neglected in the literature. Despite the great use of CO2 in assessing the causal relationship between tourism and the environment, this is not the best indicator of air quality (AQ). This chapter presents results by applying vector autoregressive models (VAR) with monthly data for the period of 2007-2017, considering the nationality of tourists that visit Portugal. Results suggest that PM10 levels and tourism are negatively correlated (in the Pearson sense) with a link between them in the long run. This relationship is confirmed by the four methodologies tested. The negative relation in Pearson and cointegration results sugge...
O presente trabalho propoe-se a estudar as caracteristicas e decisoes dos investidores. Para real... more O presente trabalho propoe-se a estudar as caracteristicas e decisoes dos investidores. Para realizar este trabalho foi implementado um questionario de forma a avaliar carateristicas, preferencias, conhecimentos, e perfil de risco dos individuos, com uma amostra da populacao portuguesa, cujos dados se referem ao inicio de 2017. Passado o processo de recolha de dados foi calculada a aversao ao risco por 2 processos diferentes permitindo avaliar as semelhancas entre os processos. Por fim, foram relacionadas as carateristicas e o perfil de risco identificado para os agentes para com as preferencias por ativos, numero de ativos e investimento em cada ativo. Diogo Ribeiro e Mestre em Economia - Ramo Financas, pela Universidade de Aveiro e o principal responsavel pela obra aqui agora apresentada. Anabela Botelho Veloso e Professora Catedratica no DEGEIT, UA e acompanhou este processo enquanto coorientadora.
Corporate Social Responsibility and Environmental Management, 2019
Companies are increasingly adopting strategies that simultaneously reduce their negative impact o... more Companies are increasingly adopting strategies that simultaneously reduce their negative impact on the environment and minimize the extraction of natural and energy resources, used as inputs in their production process. The concern for the sustainable development of countries and regions and environmental sustainability of companies is increasingly present. Nevertheless, does it make up for the increased costs to protect the environment? The objective of this study is to evaluate how the environmental performance (EP) and the financial performance (FP) of companies are related, applying to the specific case of Portuguese companies during the 2008-2016 period. The relationship between pollution and FP reveals to be positive. Still, firms regard EP as additional costs, and these efforts do not seem to be strong enough to lead to a better FP. Both munificence and resource slack are included and reveal to have positive effects over FP and in the EP-FP relationship. Highlights • Pollution and financial performance relationship is positive (negative EP-FP link). • Environmental performance are additional costs; firms favor financial performance. • Munificence and slack have positive effects over financial performance. • Munificent environments provide an opportunity for environmental investments.
Management of Environmental Quality: An International Journal, 2011
Purpose – This paper seeks to analyze stylized statistical properties of the recent traded asset ... more Purpose – This paper seeks to analyze stylized statistical properties of the recent traded asset CO2 emission allowances, for spot and futures returns, examining also the relation linking convenience yield and risk premium, for the German European Energy Exchange (EEX) between October 2005 and October 2009. Design/methodology/approach – The study was conducted through empirical estimations of CO2 allowances risk premium, convenience yield, and their relationships. Findings – Future prices from an ex-post perspective are examined to show evidence for significant negative risk premium, or a positive forward premium. A positive relationship between risk premium and time-to-maturity is found. Both financial concepts are found to be negatively affected by spot price volatility. Convenience yield is positively influenced by CO2 price, while influencing the risk premium positively. Practical implications – From a financial perspective, allowances seem to be producing the desired effects in...
International Journal of Finance & Economics, 2011
This study accounts for the time-varying pattern of price shock transmission, exploring stock mar... more This study accounts for the time-varying pattern of price shock transmission, exploring stock market linkages using continuous time wavelet methodology. In order to sustain and improve previous results regarding correlation analysis between stock market indices, namely FTSE100, ...
Handbook of Research on Women in Management and the Global Labor Market, 2019
This chapter focuses on competences required from female students building on the analysis of per... more This chapter focuses on competences required from female students building on the analysis of perceived transversal competences expressed by female students as well as by male and female employers. The study addresses the transversal competences that are essential for female students transitions to the labor market looking at the deemed necessary competences from both male and female employers. The study offers a pan-European perspective from a sample of 282 female students, plus 88 male and female employers from Cyprus, Lithuania, Poland, and Portugal. Evidence unfolds a great deal of sensitivity on the part of female students regarding personal transversal competences and highlights different competence priorities demanded from female students by male and female employers. The results can inform the debates and policies about education programs and objectives while offering insights for female students' job searches.
Financial inclusion is a widely used measure to improve the living standards of households and fo... more Financial inclusion is a widely used measure to improve the living standards of households and foster inclusive economic growth. Thus, financial inclusion is one of the main policy objectives in developing countries. Besides, financial regulation (capital adequacy requirement) is a policy measure used to ensure financial stability. The objective of this study is to examine the effect of financial regulation on competitiveness and financial inclusion in 15 countries in the SADC (Southern Africa Development Community) region and 8 countries in the SAARC (South Asian Association for Regional Cooperation) region over the period 2005–2018. The result of Feasible Generalized Least Squares (FGLS) estimation suggests that financial regulation reduces competitiveness and hampers financial inclusion in the banking sector in the two regions. Furthermore, we find that financial stability moderates the negative effect of financial regulation on competitiveness and financial inclusion, meaning th...
The present study intends to explore the relationship between tourism growth and air pollution at... more The present study intends to explore the relationship between tourism growth and air pollution at a regional level for five important tourism European destinations: France, Spain, Greece, Portugal, and Italy. Most of the studies found in the literature examine this relationship on a national scale and focus only on the CO2 pollutant, which is a greenhouse gas but not a critical pollutant in terms of air quality and human exposure. This research focuses on a regional basis (NUTS 2 classification) and takes into account the main critical pollutants in terms of urban air pollution (namely: NOx, PM10, and PM2.5), and considers 10 years, from 2009 until 2018. This work aims to investigate evidence of a tourism-induced Environmental Kuznets Curve (EKC) for the countries through the construction of five panels, one for each country, including different variables: the Gross Domestic Product, the energy consumption, and the number of nights spent at tourist accommodation establishments from both domestic and foreign tourists. The Levin-Lin-Chu unit root test proves the variables to be stationary, while the Pedroni cointegration test shows that they are integrated. The pooled OLS estimator is employed throughout the countries to check the relationship among the variables. Results reveal that the tourism-induced EKC hypothesis is not validated for any of the countries. The findings also show that in Portugal, Italy, and Greece, there is a negative relationship between economic growth and environmental pollution, while mixed evidence is found for France and Spain. Moreover, differences in the impacts of international and domestic tourists on air pollution are found: foreign tourists negatively impact emissions, while domestic ones increase them. This result is clear for Spain, Greece, and Italy. The Granger panel causality test is then conducted to see the causality among the variables.
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