CEGE - Contribuições em Revistas Científicas / Contribution to Journals
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- Accounting choice in measurement and comparability: an examination of the effect of the fair value optionPublication . Fontes, Joana C.; Panaretou, Argyro; Shakespeare, CatherineThe choice between historical cost and fair value measurement is one of the most debated issues among accounting academics and practitioners. We use the election of the fair value option (FVO) to study the effects of entities’ measurement choices on accounting comparability. The FVO enables entities to use different measurement bases for similar assets and liabilities, raising questions about whether the FVO compromises or enhances comparability. Using a sample of US banks, we find that FVO elections increase comparability both across FVO electing banks and between FVO electing banks and banks that never elect the FVO but only if the FVO elections comply with the intent of the standard setters to remedy accounting mismatches. Overall our results suggest that banks elect the FVO to better present their economics, yielding higher comparability.
- The effects of multinationality on the market value of cash: evidence from Latin AmericaPublication . Manoel, Aviner Augusto Silva; Moraes, Marcelo Botelho da Costa; Carneiro, Jorge; Toledo, Eloisa Perez-deThe aim of this paper is to examine whether the value investors place on cash holdings varies between multinationals and domestic firms from Latin America. Utilizing data from the six largest Latin American economies, our analyses with different proxies of multinationality reveal that investors do not attribute a significant valuation premium, nor do they impose a price discount, on the cash held by Latin American multinational corporations (Multilatinas) when compared to the cash of their domestic counterparts. These findings suggest that shareholders do not view Multilatinas' cash holdings as conferring greater advantages relative to those of domestic firms. We interpret this as evidence that the perceived benefits of multinationality, such as increased growth potential, may be counterbalanced by elevated agency costs and greater information asymmetry. Our study advances the literature on cash holdings and international business and discusses implications for stakeholders of multinational corporations that have subsidiaries in countries with potential growth opportunities but in which poor investor protection may lead to agency conflicts and the risk of improper cash diversion. Our research yields important implications for policymakers by highlighting the relevance of requiring the disclosure of disaggregated information about domestic and foreign cash to improve efficiency in stakeholder decision-making.
- A data-driven approach to pricing models for balanced public–private healthcare systemsPublication . Teymourifar, Aydin; Kaya, Onur; Öztürk, GürkanThis study focuses on a real-world healthcare system with coexisting public and private hospitals with distinct characteristics. While public hospitals have lower costs, they also suffer from long waiting times and diminishing patients’ perceived quality of care. Conversely, despite their higher fees, private hospitals offer shorter waiting times, leading to a more favorable perception of quality. A balanced healthcare system could provide societal benefits. Pricing strategies greatly influence a patient’s hospital selection. For instance, reduced fees in private hospitals attract more patients, consequently reducing overcrowding in public facilities and elevating the overall quality of services provided. This study aims to develop pricing models to foster a balanced and socially advantageous healthcare system. This system determines private hospital pricing through contract mechanisms with the government. Thus, we delve into the ramifications of various contract models between the government and private hospitals on social utility. Our findings underscore the communal advantages of contract mechanisms. Furthermore, we generalize the proposed models to apply to similar systems.
- The ECB’s APP’s impact on non-financial firms’ cost of borrowing and debt choicePublication . Kanda, Joana F.; Pinto, João M.; Silva, Beatriz P.We examine the impact of the ECB’s asset purchase programmes on euro area non-financial firms’ cost of borrowing and their choice between corporate bonds and syndicated loans. Our findings indicate that the Corporate Sector Purchase Programme (CSPP) reduced spreads for both eligible and non-eligible corporate bonds, and that ECB purchases of covered bonds positively affected corporate bond spreads. The CSPP also compressed spreads across all syndicated loans, irrespective of eligibility. We find evidence supporting a “cost of borrowing channel” for covered bonds under the first programme and asset-backed securities, indicating that syndicated loan spreads reflect banks’ borrowing costs in the bond market. Additionally, our results reveal that the CSPP significantly influenced firms’ debt financing choices, with these effects being more pronounced for non-switchers.
- Turn down for watt: community fit and thermal comfort habituation predict average household heating energy consumptionPublication . Gruda, Dritjon; Hanges, PaulLowering average household heating energy consumption plays a pivotal role in addressing climate change and has been central to policy initiatives. Strategies proposed so far have included commitments, incentives/ disincentives, feedback, and social norms. Yet, findings so far have been mixed and fail to explain the mechanism that drives energy conservation behavior. Using a sample of 2,128 participants across the United States, we collected survey data matched with archival temperature data to investigate the influence of past experiences on current energy conservation behaviors. Our findings indicate that childhood home temperatures significantly predict current home temperature settings. Importantly, community fit moderated this relationship. Individuals with high community fit were more likely to align their home temperature settings to those of their community. These insights not only shed light on the underlying mechanisms driving energy consumption behavior but also suggest that fostering a sense of community fit might be a more effective strategy for promoting sustainable energy practices.
- Blurred boundaries: exploring the influence of work-life and life-work conflicts on university teachers’ health, work results, and willingness to teleworkingPublication . Sobral, Filipa; Dias-Oliveira, Eva; Morais, Catarina; Hodgson, JuliaCOVID-19 lockdowns forced organizations to rapidly shift from face-to-face interactions to online platforms, leading to unforeseen challenges. This study retrospectively examines the extreme conditions of teleworking, which blurred the boundaries between home and workspaces, providing a unique opportunity to assess perceptions of work-life and life-work conflicts and their consequences. Data were collected from university teachers through an anonymous online survey (N = 383). A path analysis using IBM SPSS AMOS software assessed the relationship between work-life and life-work conflicts, burnout, performance, and willingness to continue teleworking. Results suggest work-life and life-work conflicts produce different spillovers. Both conflicts significantly contributed to burnout, but only life-work conflict significantly related to perceived performance, and this relationship was negative. Burnout was negatively associated with perceived performance but had no significant relationship with willingness to continue teleworking after lockdowns. Conversely, the relationship between perceived performance and willingness to continue teleworking was significantly positive. These findings emphasize the interplay between work-life and life-work conflicts and their effects on workers’ perceptions. Organizations should consider these dynamics when designing remote work policies to mitigate burnout and enhance employee performance and satisfaction. It is crucial for leadership to take responsibility for prioritizing the well-being of workers and their working conditions, as their actions significantly influence work design, individual and team goals, and the overall organizational climate.
- Evaluating digital transformation in small and medium enterprises using the Alkire-Foster methodPublication . Moreira, Luís L.; Pinto, Sofia S.; Costa, Leonardo; Araújo, NunoThe digital technology transition fosters the flexibility of companies and their ability to respond quickly to market changes. However, Small and Medium-sized Enterprises (SMEs) seem to be particularly challenged by digital transformation. The Alkire-Foster (AF) method was employed to analyze the integration profiles of digital technology in SMEs. Individual and group average partial and composite indicators were computed, as well as group measures of digital technology integration, to benchmark individual companies and groups. Additionally, a linear regression was used to examine how individual overall composite scores of digital technology integration are influenced by dimensions of individual digital technology integration enablers and other contextual variables. The results indicate that most companies possess the digital infrastructure necessary for this integration. However, there is room for improvement in terms of supply and demand of digital skills. This study contributes to research by applying an existing tool, the AF method, in a novel context: measuring digital technology integration in SMEs. The AF method facilitates effective benchmarking at both individual and group levels.
- Determinants of corporate cash holdings in private and public companies: insights from Latin AmericaPublication . Moraes, Marcelo Botelho da Costa; Manoel, Aviner Augusto Silva; Carneiro, JorgeDespite growing academic and media interest in cash management, little is known about the cash-holding behavior of private firms, particularly in emerging economies, and the influence of the cost of carrying cash on their cash levels. This study addresses this gap by analyzing the determinants of cash holdings in private and public companies within the Latin American setting. Additionally, it investigates whether Latin American private firms maintain lower or higher cash holdings than their public counterparts. The findings challenge Keynes’ (The general theory of employment, interest and money, McMillan, London, 1936) precautionary motive for holding cash, demonstrating that private firms hold significantly lower cash levels than public firms under conditions of costly external financing. This disparity is attributed to the elevated costs of carrying cash stemming from restricted access to external funding, higher transaction costs, and pronounced information asymmetry, which amplify cash management challenges for private firms. The findings persist across various robustness checks, including propensity score matching and Heckman’s (Econometrica 47:153–161, 1979) two-step treatment effect model. Our research contributes to the literature on cash holdings by highlighting the crucial role of the cost of carrying cash in shaping cash levels in private versus public companies. By presenting a theoretical framework that explains the divergent cash-holding behaviors between private and public companies, our study provides a detailed understanding of the determinants of cash management decisions. The insights presented enrich the discussion of cash management and underscore the unique challenges private firms face in emerging markets.
- Unveiling the power of supplier-country image on B2B customers' perceptions: beyond the product’s beautyPublication . Crespo, Cátia Fernandes; Crespo, Nuno Fernandes; Silva, Susana C.Researchers in business-to-business (B2B) sectors often assume that findings regarding country-of-origin (COO) effects on end consumers can be directly applied to the industrial marketing context. This tendency to generalize can result in an inaccurate understanding of how buyers perceive COO information in B2B scenarios. This study investigates the effect of supplier-country image on international customers’ perceptions of both perceived product quality and relationship quality in a B2B market environment. We further examine the consequences of perceived product quality and relationship quality on supplier awareness and customer loyalty. Data collected from 182 international B2B buyers in the Portuguese footwear, molds, and wood products and furniture industries were analyzed using structural equation modeling (SEM). The results indicate that supplier-country image influences the relationship quality dimensions (trust, commitment, and satisfaction) and perceived product quality. Moreover, trust and commitment enhance customer loyalty, while trust and satisfaction leverage supplier awareness. In contrast, perceived product quality only influences customer loyalty, albeit to a weaker extent. Thus, relationship quality plays a more significant role than perceived product quality in influencing supplier awareness and customer loyalty in B2B environments. These results challenge the notion that the impact of COO on end consumers can be equally applied in B2B contexts, and they expand our understanding of how supplier-country image affects relationship quality in the industrial setting. Furthermore, they draw managers’ attention to the importance of mitigating a potentially negative COO image through measures aimed at improving relationships.
- Implementação da moeda local MOR em Montemor-o-Novo: vantagens, desafios e potencialidades para a transformação socialPublication . Machado, Mariana Veiga; Coelho, Sandra Lima; Amador, CláudiaNeste artigo, exploramos o impacto das moedas locais como uma forma de inovação social, destacando a sua capacidade de revitalizar economias locais e fortalecer laços comunitários. O nosso objeto de estudo é a moeda MOR, oriunda de Montemor-o-Novo, e analisamos as suas características e benefícios para a comunidade na qual esta moeda é utilizada. A pesquisa adota uma abordagem qualitativa, utilizando análise documental e entrevistas semiestruturadas, para compreender como a moeda promove, ou não, a transformação social. Os resultados sugerem que esta moeda local promove o consumo sustentável e contribui para o desenvolvimento local. Concluímos, igualmente, que o verdadeiro impacto da moeda MOR será avaliado a longo prazo, com potencial para replicação noutras comunidades.