Center for Advanced Studies in Management and Economics

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Publications

A composite indicator to measure sustainable water use in Portugal: a compromise programming approach

Publication . Costa Freitas, M. B.; Xavier, António; Fragoso, Rui; Antunes, Carla

Clean water is an important resource for maintaining human life, economic activities, and ecosystems' survival. Nevertheless, its irregular distribution and occasional scarcity lead to the need to promote its sustainable use. To assess the current situation and the dynamics of sustainable water use, it is crucial to identify the main factors affecting it and to propose monitoring indicators. This paper develops an approach based on compromise programming to analyse water use sustainability at the municipal level, with a methodology that comprise a framework designed in five steps: 1 - indicators' choice; 2 - indicators's weights; 3 - definition of sustainability rankings with the application of a compromise programming approach; 4- application of a GIS analysis; 5 - identification of the main factors affecting sustainable water use. As a first result, the consensus weights of the chosen indicators were defined, indicating that the most important internal factors affecting sustainable water use are safe water, the percentage of housing served by water supply and water distributed by inhabitant. Then sustainability rankings at the municipality level were defined considering these factors. Finally, it was possible to conclude that tourism activity, income level, and young age population have a significant negative effect on sustainable water use, and municipal revenue has a positive effect. Irrigated farming shows a non-significant negative effect on sustainable water use. Population density, elderly population and education level did not show the expected effects on sustainable water use.

2022Journal article

Restricted access

Downside and upside risk spillovers between precious metals and currency markets: evidence from before and during the COVID-19 crisis

Publication . Hanif, Waqas; Mensi, Walid; Alomari, Mohammad; Andraz, Jorge

This paper investigates the tail dependence dynamics and asymmetric risk spillovers between the futures of four important precious metals (gold, silver, platinum, and palladium) and seven leading currencies (EUR, GBP, JPY, CAD, AUD, CHF, and CNY) before and during the COVID-19 crisis using the time-varying-parameter copula and the conditional Value-at-Risk (CoVaR) method. The results show the symmetric dependence between currencies and precious metals before the COVID-19 crisis. In contrast, we show negative and positive tail asymmetric dependences during the pandemic crisis. The COVID-19 crisis significantly amplifies the magnitude of spillover effects among the studied markets where the AUD currency exhibits the largest transmission and reception of downside and upside spillover to/from most precious metals before and during the pandemic crisis. Currency investors and portfolio managers could use the obtained results to better hedge and manage their investment positions when markets are affected by health crises.

2023Journal article

Restricted access

Earnings management in the hospitality industry: a systematic literature review

Publication . Gonçalves, Beatriz; Coelho, Luís; Pinto, Patrícia

This paper aims to discuss the impact of Earnings Management (EM) practices in the hospitality industry and identify research gaps to be investigated in future research. The methodology is based on a systematic literature review (SLR), including 15 academic papers in the final sample, published from 2004 to 2021. There is clear evidence of EM practices in the hospitality industry, which are implemented through different techniques. Yet, several research gaps still persist. For instance, little is known about the EM behaviour of multinational hotel chains or private Small and Medium-sized Enterprises (SMEs), and we still do not know how such opportunistic behaviour is impacted by different variables. The recent COVID-19 pandemic also offers interesting future research opportunities. Despite the earnings management topic being widely explored in the literature, this SLR shows that the investigation of EM within the hospitality industry is very scarce. Nevertheless, since EM reduces the quality of financial reporting, these practices are a problem for investors, auditors, regulators and other stakeholders, who must rely on earnings disclosure to make decisions, which justifies the importance of its study.

2024Journal article

Open access

ISO 9001 maintenance, decertification and recertification: A systematic literature review

Publication . Camango, Crispim; Cândido, Carlos J.F.

Previous research on ISO 9001 certification maintenance, decertification and recertification is fragmented and lacks an integrated theoretical framework. Thus, the aims of this study are to provide an overview of current research, develop an integrated framework and identify research gaps. The research methodology consists of a systematic literature review (SLR) which starts with the definition of a research protocol, proceeds with searches in Web of Science and Scopus, and selects a final sample of 32 articles for analysis. Results show that the research interest in certification maintenance, decertification and recertification is growing, but is still scarce. Extant research focuses on certification maintenance factors, benefits and frameworks; decertification reasons and consequences, and recertification impact on efficiency. There is a lack of consensus on these topics, but the data extracted from the literature is used to develop a theoretical framework of what companies do in the post-certification period. The framework identifies the main variables involved in certification maintenance, decertification and recertification, and establishes the main relationships between them. This is the first SLR conducted on these topics, which provides the first integrated framework of the research phenomena, a comprehensive list of research gaps to guide future studies, and relevant management recommendations.

2023Journal article

Open access