69 documents found, page 1 of 7
The impact of Covid-19 on Portuguese Accommodation Sector Default
Costa, Magali; Lisboa, Inês; Fortes, FabritonPurpose: Worldwide travel restrictions and other measures to mitigate the pandemic situation caused a period of instability for accommodation companies. The consequences of this global phenomenon are still being explored. This study aims to understand the impact of Covid-19 on the probability of not fulfilling its obligations (default risk) and on its determinants in the Portuguese accommodation sector.Methodol...
A Non-Linear relation between Working Capital Management and Stock Liquidity
Coelho, Tiago; Oliveira, Célia; Lisboa, InêsPurpose – Working capital management (WCM) is related to how the firm manages its credits and inventories to achieve a trade-off between its benefits and costs. It shows the manager and the firm’s efficiency, which impacts its profitability and risk. The higher the firm’s efficiency, the better investors’ perception about the firm which can impact stock liquidity. This study aims to analyze if there is an optim...
Model testing – decision-making on capacity expansion in family businesses. Evi...
Nemes, Kinga; Lisboa, Inês; Konczos-Szombathelyi, MártaThis paper aims to test and validate a model of internal factors influencing the capacity expansion decisions of family businesses, thereby helping these organizations better understand their decision-making processes. The identified internal factors include socio-emotional wealth, intergenerational cooperation, and a heterogeneous top management team. The study focuses on family businesses in the Portuguese fo...
The Impact of Family Control on Capital Structure on Emerging Economies
Lisboa, Inês; Costa, Magali; Burgos, LisbethThis work aims to understand the impact of family control on firms’ capital structure in emerging markets. Multinational firms from Latin American countries are analyzed from 2011 to 2021, using dynamic models. The results show that family firms are singular compared to non-family ones. Family control positively impacts total and long-term debt. Moreover, corporate governance variables are also relevant to expl...
Determinants of default prediction of the tourism sector: the case of Portugues...
Lisboa, Inês; Costa, Magali; Vouga, BeatrizThis study intends to understand the determinants of default of tourism SMEs (Small and Medium Enterprises), i.e., which aspects impact the probability that the company will not comply with its financial obligations. For this purpose, a panel data composed from a sample of 3,945 Portuguese SMEs, over ten years, was analysed. An ex-ante criterion (based on a set of financial ratios) was used to classify firms in...
A Non-Linear relation between Working Capital Management and Stock Liquidity
Coelho, Tiago; Oliveira, Célia; Lisboa, InêsPurpose – Working capital management (WCM) is related to how the firm manages its credits and inventories to achieve a trade-off between its benefits and costs. It shows the manager and the firm’s efficiency, which impacts its profitability and risk. The higher the firm’s efficiency, the better investors’ perception about the firm which can impact stock liquidity. This study aims to analyze if there is an optim...
The impact of Covid-19 on Portuguese Accommodation Sector Default
Costa, Magali; Lisboa, Inês; Fortes, FabritonPurpose: Worldwide travel restrictions and other measures to mitigate the pandemic situation caused a period of instability for accommodation companies. The consequences of this global phenomenon are still being explored. This study aims to understand the impact of Covid-19 on the probability of not fulfilling its obligations (default risk) and on its determinants in the Portuguese accommodation sector. Methodo...
Is there an optimal working capital management that minimizes European stock risk?
Coelho, Tiago; Lisboa, Inês; Oliveira, CéliaPurpose: This paper investigates the existence of an optimal point of the cash conversion cycle (CCC) and its components, which minimizes firms’ stock risk.Methodology: This study applies fixed effect models to a sample of firms listed in Euronext exchanges, from 2011 to 2019. Stock risk is proxied by the standard deviation of stock returns. The quadratic function of the CCC and its components (days sales outst...
Is there an optimal working capital management that minimizes European stock risk?
Coelho, Tiago; Lisboa, Inês; Oliveira, CéliaPurpose: This paper investigates the existence of an optimal point of the cash conversion cycle (CCC) and its components, which minimizes firms’ stock risk. Methodology: This study applies fixed effect models to a sample of firms listed in Euronext exchanges, from 2011 to 2019. Stock risk is proxied by the standard deviation of stock returns. The quadratic function of the CCC and its components (days sales outs...
Optimal Working Capital Management and Stock Returns: Evidence from European Li...
Coelho, Tiago; Oliveira, Célia; Lisboa, InêsBased on the working capital management trade-offs, this paper investigates the existence of an optimal point not only of the cash conversion cycle, but also of its components, which maximizes the stock returns of European listed firms. Most studies analyze the non- linear relationship between working capital management and accounting profitability. Studies analyzing stock returns focus on a linear relationship...