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- Adoption of energy efficiency measures in the buildings of micro-, small- and medium-sized Portuguese enterprisesPublication . Cunha, Paulo; Neves, Sónia Almeida; Marques, António Cardoso; Serrasqueiro, ZéliaThis paper seeks to analyse the adoption of Energy Efficiency Measures in non-residential buildings. Based on the concepts of agency theory and absorptive capacity, the propensity of Micro-, Small- and Medium-sized Enterprises in Portugal to adopt energy efficiency in lighting, insulation, and the replacement and operation of heating, was evaluated. To achieve this, an online survey was carried out, and the resultant data was treated using Probit models. The main findings suggest that absorptive capacity factors are a key reason for adopting more efficient and profitable technologies. Policymakers should provide assistance and information to the managers of these enterprises regarding the benefits of energy efficiency measures. Additionally, this paper shows that subsidiary enterprises are more likely to adopt energy efficiency measures. Although subsidiaries suffer pressures due to agency theory factors, they may also benefit from knowledge transfers from their parent enterprises. Most of the decisions and barriers considered by enterprises are not based on audits or the advice of energy management professionals, since more than 65% of the respondents have never performed an energy audit, and over 82% do not have an energy manager.
- Gibrat´s Law: empirical test for large PortuguesePublication . Maçãs, Paulo; Serrasqueiro, Zélia; Marques, António CardosoUsing a dynamic panel model, this article shows that Gibrat’s Law does not find empirical evidence in large Portuguese companies. The growth of large Portuguese companies depends positively on growth in the previous period, and negatively on size and level of debt. The results show large Portuguese companies to be around the optimum size and consequently, debt is used to discipline management, avoiding investment in projects which would make companies grow beyond their ideal size, jeopardising the income of shareholders or owners.
- The zero-leverage phenomenon in European listed firms: A financing decision or an imposition of the financial market?Publication . Morais, Flávio; Serrasqueiro, Zélia; Ramalho, JoaquimThis 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 consequence of a financing decision, which supports the financial flexibility hypothesis. The zero-leverage phenomenon is also influenced by the financial system that prevails in each country, being boosted (inhibited) in market-based (bank-based) financial systems, and by the country’s macroeconomic conditions, with the recent financial and sovereign debt crises increasing the propensity for zero leverage in market-based countries. We also find that the financial flexibility hypothesis seems to be more important in market-based systems and that the financial constraints approach did not gain importance during the crisis period. Our results are robust to the use of alternative measures of debt conservatism, explanatory variables, and econometric methods and maintain their validity when we allow for endogeneity in firm size and dividend payments.
- On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotelsPublication . Sardo, Filipe; Serrasqueiro, Zélia; Alves, HelenaThis paper analysed the effect of intellectual capital on small and medium-sized hotel financial performance for the period between 2007 and 2015. Using a sample of 934 Portuguese small and medium-sized hotels, this study adopted the GMM system (1998) estimator, to analyse a dynamic panel data. The findings suggested that intellectual capital components, i.e., human capital, structural capital and relational capital provide a positive impact on hotel financial performance. Human capital and relational capital seemed to be key elements for the success of hotels, being the basis of service quality in the hotels sector. Furthermore, the results showed that human capital and structural capital are capitalized by the establishment and maintenance of long-term relationships with key stakeholders. These findings indicated that the interaction between intellectual capital components enhances the hotel financial performance. Herein, it is highlighted the importance of intellectual capital in small and medium-sized hotel financial performance.