CUBE - Contribuições em Revistas Científicas / Contribution to Journals
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- Fiscal policy and credit supply in a crisisPublication . Bonfim, Diana; Ferreira, Miguel A.; Queiró, Francisco; Zhao, Sujiao (Emma)We measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3 percent of GDP. We find that this cut saddled banks with nonperforming loans from government contractors, which led to a persistent reduction in credit supply to other firms. We estimate a bank-level elasticity of credit supply with respect to procurement demand of 2.5. In a general equilibrium model, our findings point to large effects of fiscal policy on credit supply and output in a crisis.
- The role of prior information on consumer acceptance of insect-based food and feed in Europe: evidence from a discrete choice experimentPublication . Nikravech, Mariam; Dudinskaya, Emilia Cubero; Rumpold, Birgit Anika; Costa, Ana Isabel de Almeida; Zanoli, Raffaele; Langen, NinaInsects are a promising alternative source of protein and micronutrients. Their inclusion in human diets and as feed for animals destined for human consumption has been endorsed by the European Commission to promote the achievement of the Sustainable Development Goals (SDGs) of food security (SDG 2) and responsible production and consumption (SDG 12). However, in Germany, Italy and Portugal, their use as food is hampered by low consumer acceptance and unfamiliarity with insects as part of a regular diet. Previous research has demonstrated that modifying the choice architecture, such as providing additional information on positive insect consumption outcomes, affects consumers' choices. In this study, we analyze the effect of information on consumer preferences for insect-based and insect-fed chicken meatball alternatives in three European countries: Germany (N = 516), Italy (N = 502) and Portugal (N = 250). In particular, we inspect whether different information scenarios affect consumer preferences for insect-based food products as a more sustainable alternative to meat products using a discrete choice experiment (DCE) embedded in an experimental design. Results indicate that providing prior information about the sustainability of meat alternatives increases the acceptance of insect-based meat alternatives in Germany and Italy. However, there is no evidence that making the insect-protein content more salient is associated with an increased preference for insect-based meatballs.
- In or out? Crowding effects in public goods with private gifts: evidence from crowdfundingPublication . Bernard, Anna; Gazel, MarcoHow do cumulative contributions influence subsequent giving to public goods that offer private gifts? While prior research has examined contribution dynamics in fundraising, the role of excludability — the property of preventing noncontributors from accessing the good — remains largely unexplored. We use comprehensive data from a reward-based crowdfunding platform to show that the excludability of a project significantly shapes its contribution pattern. We introduce two novel measures of excludability: one based on a good’s inherent characteristics and another derived from the geographic distribution of backer-project distances. Our analysis reveals that more excludable goods (such as local projects and tangible products) exhibit stronger crowding-in effects, whereas less excludable ones (such as global projects and journalism) experience crowding-out effects. Although crowdfunding platforms systematically highlight cumulative contributions, our findings suggest that fundraisers should emphasize this information, particularly for excludable goods, but not for the least excludable ones.
- Navigating uncharted waters: how executives originate high-quality ideas for strategic responses to unprecedented shocksPublication . Barreto, IlídioHow and why do executives originate high-quality ideas for their firms’ responses to major, unprecedented, exogenous shocks? I develop a novel, emergence-based theory of idea origination (TIO) by executives in the context of such shocks. By considering the top management team (TMT) as a complex system, I suggest that executives may arrive at high-quality shock-response ideas due to the (mitigating or reinforcing) workings of dynamic, situation-specific, interrelated constructs located at the individual, dyadic, and team levels of analysis. These constructs are formed and evolve according to an emergence process triggered by the focal shock. In my theorizing, I link dual-process models to idea origination (i.e., the interconnected execution of problem definition and idea generation), identify different modalities of controlled processing and categorizations of dyadic dynamics, and examine the complementary role of autonomous versus dynamics-driven new schema processing. Extant literature on executives’ roles in strategic situations has tended to consider TMTs as monolithic decision-making bodies of individuals carrying enduring, situation-independent, ex ante known characteristics or engaged in stable, uniform interactions. Instead, I conclude that individual executives navigating uncharted waters, such as unprecedented shocks, may actually originate shock-response ideas in much more fickle, multifarious, and shock-specific ways.
- Modelling dynamic interdependence in nonstationary variances with an application to carbon marketsPublication . Campos-Martins, Susana; Amado, CristinaIn this paper we propose a multivariate generalisation of the multiplicative decomposition of the volatility within the class of conditional correlation GARCH models. The GARCH variance equations are multiplicatively decomposed into a deterministic nonstationary component describing the long-run movements in volatility and a short-run dynamic component allowing for volatility interactions across markets or assets. The conditional correlations are assumed to be time-invariant in its simplest form or generalised into a flexible dynamic parameterisation. Parameters of the model are estimated equation-by-equation by maximum likelihood applying the maximisation by parts algorithm to the variance equations, and thereafter to the structure of conditional correlations. An empirical application using carbon markets data illustrates the usefulness of the model. Our results suggest that, after modelling the variance equations accordingly, we find evidence that the transmission mechanism of shocks is supported by the presence of dynamic interdependence in variances robust to nonstationarity.
- Generative AI for growth hacking: how startups use generative AI in their growth strategiesPublication . Rezazadeh, Arash; Kohns, Marco; Bohnsack, René; António, Nuno; Rita, PauloThis study explores how startups and scaleups in Europe and the US use generative AI in their go-to-market strategies across product-led, sales-led, and operational efficiency-driven growth. Through interviews with 20 cases spanning pre-seed to Series E funding stages, we 1) analyze generative AI's role in growth strategies, 2) identify large language model use cases for tackling growth challenges such as customer churn, and 3) develop a framework for AI capabilities that guides managers in building, refining, and reflecting on their knowledge of using generative AI for growth hacking. Key findings include the implications of generative AI for technical and non-technical content creation in product-led growth, promotional content creation and repurposing, and customer experience personalization in sales-led growth, and market research, market entry strategies, and customer engagement in operational efficiency-driven growth. Findings empower managers to develop effective generative AI-driven growth hacking strategies while proactively managing unintended organizational, competitive, and societal consequences.
- A critical analysis of the portuguese framework for entrepreneurship education considering the EntreComp competence frameworkPublication . Banha, Francisco; Graça, André Rui; Góis, Beatriz; Banha, Francisco MiguelThis paper critically examines the recently approved Portuguese Framework for Entrepreneurship Education (REE), in 2024, a key policy document aimed at implementing entrepreneurship education (EE) in compulsory public education. It addresses the historical context and current challenges of EE in Portugal, where participation in EE programmes has been limited. The REE is part of a broader initiative under the Citizenship Education subject, aiming to develop entrepreneurial skills among students as they progress through the education system. This article explores the evolution of EE frameworks, particularly focusing on the European Entrepreneurship Competence Framework (EntreComp), which has been widely adopted across Europe. It investigates how these frameworks, including the REE, contribute to the development of entrepreneurial competencies—skills that go beyond business creation to foster creativity, resilience, and problem-solving. The paper also highlights the benefits and challenges of implementing EE, including the need for tailored teaching materials and the importance of teacher support. By presenting Portugal’s recent efforts to integrate EE into its curriculum, this paper contributes to the international discourse on effective strategies for fostering entrepreneurial skills. It emphasises the role of such frameworks in overcoming barriers to EE, ensuring inclusivity, and addressing the evolving needs of global education systems in the face of rapid socio-economic changes.
- Evaluating innovation output of companies backed by corporate, independent and syndicated venture capitalPublication . Shuwaikh, Fatima; Khemiri, Sabrina; Brinette, Souad; Dias, Joakim Zebulon BörrénThis paper examines how Corporate Venture Capital (CVC), Independent Venture Capital (IVC) and Venture Capital Syndicate (VCS) promote innovation among startups. Drawing on a dataset of 4406 venture-backed deals in North America, spanning 1998–2019, it explores how the configurations of investors and their contextual factors influence innovation output. The findings show that syndicated and CVC-backed ventures outperform IVC-backed ventures. Syndicates with a larger membership are positively associated with innovation outcomes based on resource pooling and knowledge sharing; contextual factors, such as location and technology fit, environmental munificence and absorptive capacity have a positive moderating effect on the relationship between VC type and innovation outcomes. This research adds to both academic knowledge and practical implications, offering entrepreneurs, investors and policymakers' actionable insights about how to facilitate innovation, improve venture funding and enhance innovation management to ultimately strengthen the innovation ecosystem.
- On customer (dis-)honesty in unobservable queues: the role of lying aversionPublication . Rodriguez, Arturo Estrada; Ibrahim, Rouba; Zhan, DongyuanQueues where people misreport their private information to access service faster are everywhere. Motivated by the prevalence of such behavior in practice, we construct a queueing-game-theoretic model where customers make strategic claims to reduce their waiting time and where the manager decides on the static scheduling policy based on those claims to minimize the expected delay cost in the system. We develop a lying-aversion model where customers incur both delay and lying costs. We run controlled experiments to validate our modeling assumptions regarding customer misreporting behavior. In particular, we find that people do incur lying costs, and we find that their misreporting behavior does not depend on changes in waiting times but rather, on the scheduling parameters. Based on the validated lying-aversion model, we study the equilibrium that arises in our game. We find that under certain conditions, the optimal policy is to use an honor policy where service priority is given according to customer claims. We also find that it may be optimal to incentivize more honesty by means of an upgrading policy where some customers who claim to not deserve priority are upgraded to the priority queue. We find that the upgrading policy deviates from the celebrated cm rule.
- Testing the underlying structure of unfounded beliefs about COVID-19 around the worldPublication . Brzóska, Paweł; Żemojtel-Piotrowska, Magdalena; Piotrowski, Jarosław; Nowak, Bartłomiej; Jonason, Peter K.; Sedikides, Constantine; Adamovic, Mladen; Atitsogbe, Kokou A.; Ahmed, Oli; Azam, Uzma; Bălțătescu, Sergiu; Bochaver, Konstantin; Bolatov, Aidos; Bonato, Mario; Counted, Victor; Chaleeraktrakoon, Trawin; Ramos-Diaz, Jano; Dragova-Koleva, Sonya; Eldesoki, Walaa Labib M.; Esteves, Carla Sofia; Gouveia, Valdiney V.; Perez de Leon, Pablo; Iliško, Dzintra; Datu, Jesus Alfonso D.; Jia, Fanli; Jovanović, Veljko; Jukić, Tomislav; Khachatryan, Narine; Kovacs, Monika; Lifshin, Uri; Larzabal Fernandez, Aitor; Liik, Kadi; Malik, Sadia; Moon, Chanki; Muehlbacher, Stephan; Najafi, Reza; Oruç, Emre; Park, Joonha; Šolcová, Iva Poláčková; Ardi, Rahkman; Ridic, Ognjen; Ridic, Goran; Said, Yadgar Ismail; Starc, Andrej; Stefenel, Delia; Trà, Kiều Thị Thanh; Tiliouine, Habib; Tomšik, Robert; Torres-Marin, Jorge; Umeh, Charles S.; Wills-Herrera, Eduardo; Wlodarczyk, Anna; Vally, Zahir; Yahiiaiev, IlliaUnfounded—conspiracy and health—beliefs about COVID-19 have accompanied the pandemic worldwide. Here, we examined cross-nationally the structure and correlates of these beliefs with an 8-item scale, using a multigroup confirmatory factor analysis. We obtained a two-factor model of unfounded (conspiracy and health) beliefs with good internal structure (average CFI = 0.98, RMSEA = 0.05, SRMR = 0.04), but a high correlation between the two factors (average latent factor correlation = 0.57). This model was replicable across 50 countries (total N = 13,579), as evidenced by metric invariance between countries (CFI = 0.96, RMSEA = 0.06, SRMS = 0.07) as well as scalar invariance across genders (CFI = 0.98, RMSEA = 0.04, SRMS = 0.03) and educational levels (CFI = 0.98, RMSEA = 0.04, SRMS = 0.03). Also, lower levels of education, more fear of COVID-19, and more cynicism were weakly associated with stronger conspiracy and health beliefs. The study contributes to knowledge about the structure of unfounded beliefs, and reveals the potential relevance of affective (i.e., fear of COVID-19) and cognitive (i.e., cynicism) factors along with demographics, in endorsing such beliefs. In summary, we obtained cross-cultural evidence for the distinctiveness of unfounded conspiracy and health beliefs about COVID-19 in terms of their structure and correlates.