FEC2-Artigos (em revistas ou actas indexadas)
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- The interaction of accounting employability-based skills and problem-based learningPublication . Arianpoor, Arash; ABDOLLAHI, AHMADPurpose – Thisstudy aims to provide a framework for the interaction between accounting employability-based skills and problem-based learning (PBL). Design/methodology/approach – This study explored the views of 18 participants (11 accounting professors and seven board members) who were chosen as experts. Thisstudy collected data through two consecutive stages (i.e., interviews and questionnaires) in 2024. After summarizing the opinions of the six interviewees, the 31 accounting employability-based skills in interaction with PBL were classified into three groups: technical, soft, and social mobility skills. A questionnaire survey was conducted in the second stage of the study. The opinions of 18 accounting professors and board members of the firms were surveyed using the Delphi method. Findings – This study employed Kendall’s Coefficient of Concordance (W) to assess agreement among 18 experts in ranking 31 accounting skills across three primary constructs: Technical Skills (TES), Soft Skills (SOK), and Social Skills (SMK). The results demonstrated a strong agreement among experts in prioritizing these skills. The Consensus Index (CI) values align with other reported model metrics, suggesting that respondents largely agreed on the relevance and clarity of the items within each construct. The results showed thatsoftskillssuch as adaptability; knowledge of different contexts; preparing forthe unpredictable nature ofthe accounting field; adapting quickly to new tools, processes, and market conditions; maintaining their effectiveness in a dynamic environment; and engaging in discussions and presenting findings during PBL activities are among the top 10 skills. The other statistical analyses conducted in this study further supported these results. Research limitations/implications – Despite the valuable insights generated by this study, several limitations must be acknowledged. The study was conducted in a specific national and cultural context (e.g., within an emerging economy), which may limit the generalizability of the findings to other regions with different educational, economic, or regulatory environments. Future cross-country comparisons are recommended to enhance the external validity of these findings. Expert opinion was sought in this study. Specialists and professionals were selected for this study. However, because the combination of accounting skills and PBL is a relatively recent development in accounting, we were unable to confirm the effectiveness of PBL through interviews or questionnaires. In future studies, it would be beneficial to collect feedback from real users to determine the benefits of PBL in accounting as well as the specific circumstances in which it is effective. Although this study provides meaningful understanding, its small sample size (n 5 18) restricts the generalizability of its findings to larger populations. The Delphi panel and survey respondents were primarily academic and professional stakeholders with accounting education experience. Although these insights are essential, the exclusion of students and recent graduates may limit the diversity of their perspectives on employability-related challenges and competencies. Although validated scales were employed for the TES, SOK, SMK, and PBL, the cross-sectional nature ofthe study limited the ability to draw causal inferences. Future studies should employ longitudinal research to track changes in employability skill development over time, particularly in response to curriculum redesigns or sustained PBL interventions. Moreover, as accounting employability is crucial in post-higher education, future studies should explore ways to translate more implications from “university” to the “accounting profession.” While PBL was conceptualized as a mediating construct, this study did not explore its multiple formats (e.g., case-based, simulation-based, and online PBL). These design variations may influence the acquisition of employability skills differently and merit separate investigation. Combining quantitative modeling with qualitative data, such as classroom observations, could offer deeper insights into how students internalize employability skills through PBL experiences. The study revealed that awareness of blockchain technology in accounting, especially in areas such as auditing and transaction verification (TES11), is among the top ten skills. Future research should explore how AI-driven or gamified PBL platformsinfluence skill acquisition and employability in response to increasing integration of AI into educational and accounting work environments. Practical implications – These findings offer critical insights to curriculum designers and educators. Accounting departments should restructure their learning environments to embed PBL not as a supplemental tool but as an integral design framework to nurture strategic thinking, self-regulated learning, and communication competencies. Institutions in emerging and developing economies, where employability gaps are often pronounced, can leverage PBL to contextualize global skill standards within local educational practices. By aligning skill development with real-world simulations and reflective learning, universities can equip students with the evolving demands for accounting roles. Universities can apply these results to revise their accounting education and teaching approaches to professional accountants, thereby enhancing their competitive edge and developing effective marketing plans, particularly for international accounting students. Employers and industry partners are encouraged to collaborate with academic institutions to co-design PBL modules that reflect workplace complexity. Managers should consider applicants’ experience with applied learning models, such as PBL, as a strong predictor of workplace readiness, particularly in areas that require adaptive reasoning, critical problem-solving, and stakeholder engagement. Continuous upskilling initiatives within accounting firms can adopt PBL-based workshops to close the competency gap between the staff members. As board members’ opinions were also considered in this study, their views on accounting employability-based skills were also considered. Accounting professors can strategise ways to enhance students’ skills and create plans to facilitate the job search process for accounting students. National and institutional education policy frameworks should promote outcome-based learning standards that explicitly integrate employability and skill metrics into course assessment. Policymakers in higher education ministries may consider incentivizing curriculum redesign to support PBL strategies in professional programs such as accounting, finance, and auditing. Incorporating PBL into accounting education is shifting towards a hands-on learning environment. This study promotes interactive learning by addressing complicated practical problems and developing necessary skills in the accounting field. The aim was to produce skilled graduates who could apply their knowledge in real-world situations. This helps to meet the needs of the current workforce, which involves adjusting, creating, and collaborating. Originality/value – The combination of employability-based skills and PBL in accounting education forms a strong foundation for equipping graduates in the job market. There is currently a gap in that PBL may not cover all skills necessary for successful accounting employment. Therefore, this study examines the interaction between these two fields, which has not been explored previously.
- Earnings management and financial distress: european evidencePublication . Paiva, Inna; Viana Junior, Dante Baiardo C.; Lourenço, Isabel; Nunes, RicardinaPurpose – This study aims to analyse the relationship between financial distress and earnings management (EM) in a setting of European listed firms and the role of external monitoring factors in the relationship. Design/methodology/approach – This study uses multivariate analysis to analyse firms from 28 European countries (2011–2021). The independent variable is financial distress, measured by the Altman Z-score, while the key dependent variable is EM based on Dechow et al. (1995). Moderating factors include the number of analysts, auditor type and American Depositary Receipt (ADR) listing status. Findings – This study shows empirically that in the European setting the level of financial distress is negatively associated with the level of EM, and this association is moderated by the companies’ listing status (cross-listing in the USA) and by the number of analysts following the company. The type of auditor (Big 4 vs non-Big 4) does not seem to affect the relationship between financial distress and EM. Practical implications – The findings offer valuable insights for European investors and lenders to refine investment strategies and credit risk models. Additionally, regulatory bodies can use these conclusions to shape policies on financial reporting standards and oversight. Originality/value – While most of the existing literature in developed countries focuses on single-country analysis, often yielding mixed results, the authors provide robust conclusions on an international scale by analysing the combined impact of financial distress on EM in firms from 28 European countries. Additionally, they examine the role of monitoring factors in the relationship between financial distress and EM.
- Water demand of urban portuguese households by population trajectory and regionPublication . Barreira, Ana Paula; Andraz, JorgePortugal is one of the European countries most vulnerable to water shortages driven by climate change. This study explores the factors influencing household water demand across Portuguese municipalities with urban centres, emphasizing two oftenoverlooked elements: population trends (growth or decline) and regional location. Another innovation of the study is the inclusion of tourists in the estimation of household water demand. Using panel data for 2011 and 2021, models were developed for four population trajectories and three geographic regions. Results reveal that water consumption drivers vary depending on demographic and regional context. The lowest tariff block (5 m³) has little effect on consumption, while the highest block (15 m³) tends to reduce usage in most models. Municipalities with growing populations in the North tend to consume less water, while growing municipalities in the South – in a touristic region – exhibit higher levels of water consumption. These findings underscore the importance of tailoring water management policies to local demographic and regional characteristics, offering valuable insights for other areas facing similar pressures from climate and population change. Effective policies should combine pricing strategies with initiatives promoting efficient appliances and public education.
- The effect of corporate strategic change on auditors’ predictions of going-concern opinions: the influence of crisis caused by the pandemicPublication . Arianpoor, Arash; Ramezanpour, Mohammad; ABDOLLAHI, AHMADThe purpose of this study is to investigate the impact of corporate strategic change (CSC) on the probability of an auditor’s going-concern opinion (GCOP) and the moderating role of COVID-19 on companies listed on the Tehran Stock Exchange. Design/methodology/approach – Information about 193 companies from 2014 to 2023 is examined. Considering that the dependent variable was binary, binary logistic regression analysis was used. Findings – The results of this study showed that CSC decreased the probability of a GCOP. Moreover, COVID-19 strengthened the adverse effects of CSC on the probability of an auditor’s opinion of going concern. The results also confirmed that CSC is exogenous in econometric models, indicating no omitted-variable bias or reverse causality. Originality/value – Audit failures in the past few years have highlighted a severe lack of early warning mechanisms and GCOPs. Although the existing models offer no recourse, the International Auditing and Assurance Standards Board’s (IAASB) direction in revising the International Standard on Auditing 570 shows that strategic cues can be powerful managerial signals, moving audit frameworks into managerial behavior. Moreover, signals under crisis and external shocks (e.g. COVID-19) can amplify the interpretive power of strategic behavior. This study empirically validates IAASB’s direction of IAASB. Through incorporating CSC and COVID-19, audit models can become more sensitive to proactive turnaround behaviors, thereby reducing systemic audit blind spots.
- Is connectedness between commodity volatility indices and G-7 stock market returns the same across return quantiles?Publication . Hanif, Waqas; El Khoury, Rim; Hadhri, SindaThis study examines the connectedness and spillover effects among G7 stock markets, oil and gold volatilities from January 1, 2017, to June 16, 2022. By employing an in-quantile spillover approach, the study contributes to the existing literature by providing a comprehensive analysis of the linkages between these markets. The findings reveal that spillover effects are highly dynamic and vary significantly across different quantiles of the return distribution. During periods of market turbulence—such as the Covid-19 pandemic, trade tensions, and geopolitical conflicts—spillover intensity increases, indicating heightened market interdependence. The Japanese stock market and Gold volatility index (GVX) consistently act as net recipients of shocks, whereas the stock markets of Canada, France, Germany, Italy, the UK, and the USA serve as net transmitters. While long-term diversification opportunities appear limited, gold and oil exhibit effective hedging properties for short-term investors across various market conditions. From a policy perspective, these findings underscore the importance of monitoring market interdependencies, particularly during crisis periods. Policymakers should implement coordinated strategies to mitigate systemic risks in financial markets, especially in times of heightened uncertainty. Investors should consider short-term hedging strategies using gold and oil to minimize risk exposure during market downturns. Furthermore, financial regulators in G7 countries should enhance surveillance mechanisms to preempt excessive spillovers that may threaten financial stability.
- Labour intensity and systematic riskPublication . Francisco, Paulo MoraisWe examine whether firms labour intensity raises systematic risk. Drawing on 12,250 listed, non financial companies from 93 countries, we analyse CAPM betas over five , three and two year windows and separately evaluate their upside (β+) and downside (β− ) components. OLS results show that a one standard deviation increase in labour intensity lifts the five year beta by 0.08 and loads disproportionately on downside risk. Instrumenting labour intensity in a 2SLS framework magnifies the effect, confirming a causal link. Overall, our evidence shows that labour intensive firms worldwide carry higher betas because fixed wage bills magnify operating leverage; the extra risk is most visible when markets decline, making a company’s workforce composition a key driver of its equity risk.
- Smart specialisation evaluation with real project data: a general equilibrium model in Portugal’s Centro regionPublication . Szabó, Norbert; Polónyi-Andor, Krisztina; Sebestyén, Tamás; Pinto, HugoAs the first smart specialisation planning period (2014–2020) ended, monitoring and evaluation became crucial. Analysing the successes and failures of smart specialisation strategy (S3) through a good monitoring and evaluation system contributes to the evidence base on which an efficient redesign and improvement of S3 can be performed. In this paper, we apply an extended version of the geographic, macro and regional (GMR)-Europe economic impact model to provide a real-life evaluation of the implementation of S3 in Centro region using cohesion policy fund data between 2014 and 2023. Simulations reveal that policy instruments and policy mixes of priorities differ in efficiency and identify where improvements are desired.
- Waves of innovation: the role of sustainability in driving impact in the blue economy – a PLS-SEM approachPublication . Elston, Jennifer Nicole; Pinto, Hugo; Nogueira, CarlaThe Blue Economy, with its emphasis on ocean-based industries, is critical for achieving sustainable development. This study investigates the intricate relationship between sustainability, innovation, and their economic, environmental, and social impacts within Portugal’s Blue Economy. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test the hypothesized relationships between sustainability, innovation, and triple bottom line (TBL) outcomes based on survey data from firms operating in the sector. The findings confirm that innovation acts as both a direct outcome of sustainability efforts and a mechanism for mediating its impacts on economic and environmental performance. However, no significant direct or mediating effects were observed for social outcomes, highlighting a persistent gap in this dimension that requires further research. The study contributes to both theory and practice by highlighting the strategic integration of sustainability into organizational innovation processes and its role in enhancing multidimensional performance. By identifying critical pathways and barriers, this study offers valuable guidance for policymakers and industry leaders striving to enhance the long-term sustainability of the Blue Economy.
- Building resilience in tourism firms: evidence from COVID-19Publication . Jesus, Carina; Serra Coelho, Luís Miguel; Ramos, CeliaMultiple factors determine tourism companies' capacity to resist and overcome disruptive events, such as pandemics or wars. This paper investigates this issue using a sensitivity index and finds that reductions in human capital, bigger size, and higher past profitability diminish resilience, while higher leverage and capital intensity strengthen it. Our findings further suggest that these effects differ across countries and underscore the negative consequences of Eurozone membership. This paper broadens our understanding of how companies can improve their resilience, providing valuable insights for future preparedness strategies for tourism firms and policymakers.
- The spillover effect of ADR activity on stock price synchronicity: empirical evidence in emerging marketsPublication . Viana Junior, Dante Baiardo C.This study investigates the intra-industry spillover effect of American Depositary Receipt (ADR) issuance on the stock price synchronicity of non-ADR firms from emerging markets. Based on a sample of listed firms from six Latin American countries, although I find some evidence of a decrease in stock price synchronicity among ADR issuers in post-ADR issuance periods, the main findings suggest that non-ADR firms from industries with ADR issuance activity have higher levels of synchronicity on average than non-ADR firms from industries with no ADR issuance activity. These cross-country average results are robust to different regression methods and alternative subsamples employed to mitigate endogeneity concerns. Even though this trend is confirmed for the majority of the Latin American countries under review, individual-country analyses indicate a synchronicity-decreasing effect of ADR industry activity, particularly for non-ADR Chilean firms. Complementary, more in-depth empirical analyses suggest that country-level factors and ADR firm characteristics play an essential role in this issue. My main findings document that the overall positive spillover effect of ADR activity on the stock price synchronicity of non-ADR firms in Latin America is non-monotonic. These exploratory findings contribute to the active debate regarding the impact of ADR issuance on local economies, particularly with respect to the informativeness of financial reporting available in the capital markets.