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Dealing with endogeneity in stochastic frontier models: A comparative assessmen...
Zheng, H.; Ramalho, J. J. S.; Roseta-Palma, C.Endogeneity poses a major challenge for Stochastic Frontier Analysis, as input choices may be endogenous to unobserved components of the error term, resulting in biased efficiency estimates. This paper compares leading estimators that address this issue, including control-function estimator (Kutlu, 2010), Generalized Method of Moments (GMM) (Tran and Tsionas, 2013) and copula (Tran and Tsionas, 2015) approaches...
The zero-leverage phenomenon in European listed firms: A financing decision or ...
Morais, F.; Serrasqueiro, Z.; Ramalho, J. J. S.This article provides empirical evidence on the zero-leverage phenomenon for a sample of European listed firms for the period 1995-2016. It is shown that there are two types of firms with zero leverage: the financially constrained firms that face obstacles in obtaining external finance, as predicted by the financial constraints hypothesis; and the financially unconstrained firms that maintain zero leverage as a...
Can operational efficiency in the Portuguese electricity sector be improved? Ye...
Zheng, H.; Roseta-Palma, C.; Ramalho, J. J. S.Efficiency has long been an issue of concern in the electricity sector. Most existing studies relate technical efficiency in electricity generation to policy factors while that in transmission and distribution is associated with environmental factors. Although firm operation is also a relevant perspective on this topic, its explicit impact upon technical efficiency has rarely been studied. In order to analyze t...
How to measure banking regulation and supervision
Pereira, C.; Ramalho, J. J. S.; Silva, J. V.This paper uses data from 141 countries to identify the variables that best characterize worldwide banking regulation and supervision practices. We apply a nonlinear principal components analysis with optimal variable transformation to deal with the variables’ mixed measurement levels and reduce data dimensionality. The robustness of the results is tested for different subsamples. The findings indicate that dep...
Capital structure speed of adjustment heterogeneity across zero leverage and le...
Morais, F.; Serrasqueiro, Z.; Ramalho, J. J. S.This paper investigates whether leveraged and zero-leverage firms pursue or not a debt target level and, if so, how fast they adjust to that target. We also investigate how the influence of firms’ debt policy on capital structure speed of adjustment (SOA) changes with different financial systems, macroeconomic conditions, financial constraints and financial flexibility levels. Using the dynamic panel fractional...
Does directed technological change favor energy? Firm-level evidence from Portugal
Zheng, H.; Roseta-Palma, C.; Ramalho, J. J. S.Economic performance is closely related with energy consumption, the major part of which still comes from non-renewable sources. While endeavoring to promote renewable energy, policy makers are interested in technological change that also increases energy efficiency. However, both growth models of directed technological change and microeconomic theories regarding innovation suggest that technological change is ...
Self-employment and eudaimonic well-being: Energized by meaning, enabled by soc...
Stephan, U.; Tavares, S. M.; Carvalho, H.; Ramalho, J. J. S.; Santos, S. C.; van Veldhoven, M.This study investigates why and where self-employment is related to higher levels of eudaimonic well-being. We focus on meaningfulness as an important eudaimonic process and subjective vitality as a eudaimonic well-being outcome that is central to entrepreneurs' proactivity. Building on self-determination theory, we posit that self-employment, relative to wage-employment, is a more self-determined and volitiona...
Directed technological change, energy and more: a modern story
Zheng, H.; Roseta-Palma, C.; Ramalho, J. J. S.Reliance of modern economic activities on the use of energy, most of which still comes from non-renewable sources, provokes concerns regarding the most efficient utilization of energy inputs in production. While most theory expects directed technological change to be biased towards the non-renewable input, there is rare macro-level evidence that technological change is actually biased towards energy rather than...
The zero-leverage phenomenon: a bivariate probit with partial observability app...
Morais, F.; Serrasqueiro, Z.; Ramalho, J. J. S.The empirical literature on zero leverage investigates why some firms are debt-free using standard logit and probit specifications. However, such models are not suitable to provide a direct answer to the main research question that arises in this context: is zero leverage a financial decision of the firm or an imposition raised by creditors? This paper examines the factors that affect the demand for debt and th...
The impact of family ownership on capital structure of firms: exploring the rol...
Ramalho, J. J. S.; Rita, R. M. S.; da Silva, J. V.In this article, we investigate the influence of family ownership on firm leverage across different subgroups of family and non-family firms. In addition, we examine the influence of firm size, geographical location and the 2008 global financial crisis on the capital structure of family firms. In both cases, we study the probability of firms using debt and, conditional on its use, the proportion of debt issued....