33 documents found, page 1 of 4
Does managerial overconfidence affect capital structure rebalancing for entrepr...
Carvalho, António; Sardo, Filipe; Serrasqueiro, Zélia; Pacheco, Luís MiguelPurpose The behavioural theory adds a new paradigm of analysis with the assumptions of the decision maker’s cognitive biases and their repercussions on financing decisions. The aim of the study is to analyse the repercussions of these biases on the adjustment speed of firm’s capital structure toward the optimal level. Design/methodology/approach Based on a partial adjustment model, the study uses the Dynamic Pa...
Determinantes internas do desempenho financeiro das PME: O papel do endividamen...
Pinto, Ana; Sardo, Filipe; Pacheco, Luís; Serrasqueiro, ZéliaAs PME são parte fundamental do tecido económico e industrial de qualquer economia. No entanto, dados os seus recursos limitados, enfrentam alguns obstáculos, de entre os quais se destacam as dificuldades no acesso ao financiamento. Este artigo tem como objetivo investigar o desempenho financeiro e alguns dos seus determinantes, salientando os efeitos do endividamento. Para atingir os objetivos de investigação,...
Do Spanish and Portuguese listed companies converge in their choice of capital ...
Rogão, Márcia; Serrasqueiro, ZéliaIn order to study the behaviour of capital structure decisions of Spanish and Portuguese listed firms, we using as methodology the dynamic estimators to analyse the influence of firm- specific and country-specific determinants. The sample in this study is composed with 67 Spanish listed non-financial Spanish listed firms and 35 Portuguese listed non-financial firms, for the period of analysis between 2008 and 2...
HOSPITAIS PRIVADOS NO BRASIL E CANADÁ: A ANÁLISE DE DESEMPENHO COMO SUPORTE À T...
Marques, I. C. P.; Serrasqueiro, Zélia; Nogueira, FernandaEste estudo tem como objetivo analisar os hospitais privados do Brasil e do Canadá, países que possuem gestão de recursos de saúde díspares, considerando as análises de desempenho realizadas pelos gestores dos hospitais, como suporte à tomadas de decisão de investimento. Realizado um transversal quantitativo, os dados foram analisados através do SPSS Statistic. Os achados revelam a importância do envolvimento, ...
Does board committee independence affect financial distress likelihood? A compa...
Ashraf, Sumaira; Félix, Elisabete G. S.; Serrasqueiro, ZéliaThis study explores the relationship between board committees’ independence and the financial distress of firms in China and the UK. Akin to previous literature, we estimate this relationship between 2007 and 2016 using a conditional logit model on a sample of matched pair firms. For China, the results indicate that there is a positive and statistically significant association between the percentage of independ...
Development and testing of augmented distress prediction model: A comparative s...
Ashraf, Sumaira; Félix, Elisabete G. S.; Serrasqueiro, ZéliaThis study presents a financial distress (FD) prediction model that utilizes accounting, market-based, and financial reporting quality (FRQ) measures. We use a panel logit framework to analyze data for developed market firms from the UK and emerging market firms from Pakistan during the period 2001-2015. Obscured portions of financial reports, such as that created by management tactics employing income smoothin...
Does Venture Capital affect capital structure rebalancing? The case of small kn...
Sardo, Filipe; Serrasqueiro, Zélia; Félix, Elisabete G. S.This study analyses small knowledge-intensive service (SKIS) firms’ capital structure rebalancing, before and after Venture Capital (VC) entry. We use data for a sample of 1161 Western European SKIS firms, for the period 2006-2015. Two sub-samples were created: one composed of firms before VC entry; the other composed of SKIS firms after VC treatment. We use panel data models and the system GMM (1998) dynamic e...
Determinants of working capital: empirical evidence on manufacturing SMEs
Sardo, Filipe; Serrasqueiro, ZéliaPurpose – This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital. Design/methodology/approach – Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011–2017. Findings – The results suggest that SMEs pursue conservati...
Does Venture Capital affect capital structure rebalancing? The case of small kn...
Sardo, Filipe; Serrasqueiro, Zélia; Félix, Elisabete G.S.This study analyses small knowledge-intensive service (SKIS) firms’ capital structure rebalancing, before and after Venture Capital (VC) entry. We use data for a sample of 1161 Western European SKIS firms, for the period 2006–2015. Two sub-samples were created: one composed of firms before VC entry; the other composed of SKIS firms after VC treatment. We use panel data models and the system GMM (1998) dynamic e...
The effect of financial crisis on the relationship between intellectual capital...
Sardo, Filipe; Serrasqueiro, ZéliaThe current paper aims to analyse the effect of financial crisis on the relationship between intellectual capital and financial performance in the European context. Based on a sample of non-financial listed firms of four European countries where the effect of financial crisis were more evident for the period between 2005 and 2015, we use dynamic panel estimators, specifically the GMM system (1998). Results sugg...