Browsing by Issue Date, starting with "2021-11-19"
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- As Cooperativas de distribuição de água do sul do Concelho de ParedesPublication . Henriques, José Correia Duarte; Meira, Deolinda Maria Moreira Aparício; Bernardino, Susana Jacinta QueirósAfter a literature review focusing on the right to access to water, as a public good, this dissertation aims to understand the ability to create social and economic value in offering a water distribution service, in network, promoted and undertaken by water distribution cooperatives located in the southern part of the municipality of Paredes. For this purpose, it was intended to analyse and reflect on the motivations underlying the creation of these social entrepreneurships, the exploration of the identified opportunity, the management models assumed in the exercise of the social mission and the implementation of strategies for the economic and social sustainability of the cooperatives. To meet the research objectives, an empirical study was carried out, based on multiple cases, involving the five organisations, through the qualitative methodology. For data collection, semi-structured interviews were carried out with the directors responsible for the management and with a cooperative founding member, as well as meetings with the certified accountants to obtain economic and financial information and the statutes were consulted. The different sources used in the research process allowed for the triangulation of data. The analysis of the results showed that the social opportunity was developed through the mobilisation of residents who found in the cooperatives the management model and the form of business organisation to carry out this social mission. The social dimension was not dissociated from the economic dimension in the development of strategies in order to ensure the sustainability of the organisations.
- O impacto de hedge accounting no valor da empresa: setores das comunicações, retalho e tecnologiasPublication . Sousa, Ana Rafaela Cardoso de; Silva, Rui Filipe Pereira Bertuzi daIn recent decades, there has been a growing internationalization of the economy, which implies an increase in the market risk to which companies are exposed. In this sense, companies feel a growing need to manage this risk, which can be carried out through derivative instruments. For this reason, the use of derivative instruments has grown exponentially. The hedge accounting method shall be applied to the derivatives of the above, in accordance with the accounting standard in force - IFRS 9. Thus, this study aimed to understand the impact of the use of derivative instruments on the company's book value, its market value and value for the investor and to understand the extent to which there are differences between the communications, retail, and technology sectors. The evaluation of this impact was based on variables that represent the proportion of the notional value and the market value of the hedging instruments to which hedge accounting is applied and the impact of the effective and ineffective proportion of the coverage ratio. The study was based on annual reports published by companies listed on the S&P500 market in the sectors mentioned. The results obtained allow us to conclude that, in general, the accounting value of the company is affected by the effective proportion of the hedging ratio and the value of the company to the investor is affected by the proportion of the notional value of the coverage instruments to which hedge accounting is applied. The company's market value was not affected using hedge accounting. There were divergences between the sectors under study. In the communications sector, the application of hedge accounting has no impact. In the retail sector, the company's book value is affected by the effective and ineffective proportion of the coverage ratio. Finally, in the technology sector, the value of the company to the investor is affected by the proportion of the notional value of the hedging instruments to which hedge accounting is applied.
- Contributo da auditoria forense na quantificação de danos económicos para a atividade seguradoraPublication . Rocha, Luís Miguel Guimarães da; Dias, Alcina Augusta de Sena Portugal; Ribeiro, Maria do CéuO Auditor Forense é um profissional altamente especializado a quem são exigidos conhecimentos transversais a várias áreas científicas, desempenhando nos tempos que correm um papel cada vez mais importante. Vários estudos ao longo dos anos apresentaram uma relação estreita entre a Auditoria Forense e a luta contra a fraude; no entanto, a Auditoria Forense não se limita a esse objetivo, assumindo um papel importante na quantificação de danos económicos, em particular na Atividade Seguradora. A presente Dissertação teve como objetivo avaliar em que medida é que o Auditor Forense poderia contribuir no processo de avaliação e quantificação de danos económicos, no âmbito da Atividade Seguradora. Procurou-se confirmar a importância que o Auditor Forense poderia assumir em processos de grande complexidade, identificando as vantagens da sua intervenção. No âmbito da sua interação com o loss adjuster, outro objetivo do estudo foi o de caracterizar que tipo de relacionamento deveria existir entre o Auditor Forense e o loss adjuster. No decorrer da revisão de literatura realizada, foram identificadas várias questões de investigação. Tendo por base o objetivo acima definido para este estudo, optou-se por uma metodologia de investigação mista, sendo que as questões de investigação, no âmbito da componente quantitativa do estudo, se refletem em três hipóteses. Pretendeu-se verificar a validade das hipóteses apresentadas, para tal, foi realizado um inquérito a 52 loss adjusters que abrangeu 24 países, o qual obteve uma percentagem de respostas de 90%. Considerando os resultados obtidos, este estudo mostrou uma validação na ordem dos 66% dos objetivos da investigação. Este resultado pode ser explicado pelo âmbito internacional do estudo. Como principal resultado do estudo salienta-se o reconhecimento da importância que a Auditoria Forense tem para a Atividade Seguradora, especificamente em determinados processos de regularização de sinistros.
- O impacto da pandemia Covid-19 na economia e nos mercados financeiros: uma abordagem quantitativa às bolsas de valores de Portugal e EspanhaPublication . Mingatos, Alexandre José Maranhão e; Mota, Carlos Filipe Magalhães Bastos daThe beginning of 2020 was marked by an event that made us face a problem of an unusual nature, known as the Covid-19 epidemic, which emerged in China, and which emerged all over the world in a matter of a few months. However, despite being a bulletin of a health problem, it quickly spread to the economic and financial system, because of the uncertainties caused by its evolution. On March 11, when a WHO officially declared the Covid-19 outbreak as a global pandemic, Member States were forced to take emergency measures to contain the spread of the virus, such as the closure of educational institutions, non-essential commercial spaces, as well as mandatory teleworking for those who can perform their duties from home. However, these actions by governments caused a wave of panic among investors because what had been suspected for a long time was confirmed, a paralysis of all economic activity, which ended up being reflected in stock exchanges around the world. Thus, to better investigate the impact of this pandemic in Portugal and Spain, we used an event study approach with the aim of ascertaining the performance of the respective countries stock exchanges as well as the responsiveness of various industries to these containment measures. The study found that the Portuguese stock market was the one that devalued the most in the period under review, while the media and advertising sectors; real estate services; travel, leisure, tourism and hospitality and financial services were severely affected. However, consumer goods and services; industry and manufacturing; basic materials, engineering and construction; paper and graphic arts; oil and energy and outstanding technologies and telecommunications shows WHO's announcement resilience.
- Exchange traded funds: uma análise do desempenho de rastreamento e persistênciaPublication . Santos, Ana Filipa Costa dos; Mota, Carlos Filipe Magalhães Bastos daThis study assesses the tracking performance and persistence of a set of Exchange Traded Funds (ETF) created to track a benchmark equity index. Starting from a selected sample of 11 international ETFs, it analyzes performance and performance persistence, tracking error and its persistence in the period between 2013 and 2020. The methodology consisted of calculating performance evaluation measures such as logarithmic profitability, standard deviation, tracking error, excess return and a set of indicators that includes Sharpe, Treynor, Sortino and Jensen's alpha ratios. Cross-sectional regressions are also performed to assess the persistence of performance and tracking error. Overall, the results suggest that most ETFs underperform their benchmark. Evidence shows that Jensen's ratio observes many negative and statistically significant alphas in most cases. The estimates of the Sharpe measure and the Treynor and Sortino ratios confirm an underperformance under the benchmark. Only in two of the eleven ETF funds analyzed did the performance surpass the respective benchmark. Evidence of performance persistence in the gross return of ETFs is found only between 2019 and 2020, but also in the context of the use of ratios, in several pairs of years. The analyzed ETFs present tracking errors in almost all periods, positive and significant beta coefficients showing temporal persistence. The magnitude of the tracking error appears to be low, although the t test indicates that this difference is statistically significant. The two funds that replicate the American indices have lower tracking error, with the opposite occurring in the ETF that tracks the Chinese stock market. Tracking accuracy tended to change over the years with no definite trend in replication discrepancies.
- Impacto da COVID-19 no dia a dia das crianças e seus cuidadoresPublication . Coelho, Joana Filipa Sousa; Trigueiro, Maria João; Faias, JoaquimA pandemia da COVID-19 resultou em vários confinamentos onde foram implementadas medidas restritivas como o distanciamento social, o encerramento das escolas e o teletrabalho, levando a uma afectação forçada das ocupações realizadas pelas crianças. O presente estudo tem como objetivo compreender o impacto das restrições impostas pela COVID-19 no dia a dia de crianças com desenvolvimento típico, mais especificamente, identificar as principais ocupações afetadas e as consequências que surgiram, assim como as alterações e adaptações realizadas nas rotinas. Nesse sentido foi utilizada uma metodologia qualitativa com recurso a entrevistas semiestruturadas a oito cuidadores de crianças do ensino pré escolar até ao 1º ciclo. Os resultados deste estudo sugerem que as principais ocupações afetadas durante o confinamento foram as Atividades de Vida Diária, Lazer, Participação Social, Educação e Sono. Estas alterações repercutiram-se nas rotinas diárias das crianças e das suas famílias surgindo, assim, consequências negativas como sedentarismo, quebra das relações interpessoais e sentimentos como o medo e tristeza. Face a isto, os cuidadores tiveram necessidade de criar adaptações de forma a manter o equilíbrio do seu dia a dia. É possível concluir que a COVID-19 teve impacto nas crianças afetando as suas rotinas diárias, hábitos, equilíbrio ocupacional, tendo implicações no bem estar das mesmas.
- Tōru Takemitsu: influências orientais e ocidentais em Rain Tree Sketch e Rain Tree Sketch II – in memoriam Olivier MessiaenPublication . Santos, Ana Isabel da Silva; Coelho, Luís Miguel Carvalhais Figueiredo BorgesTōru Takemitsu é o mais prolífico compositor japonês da sua geração, considerado responsável pela introdução da música erudita proveniente do oriente no panorama internacional. O destaque do compositor relaciona-se com o idioma musical singular que a sua obra assume, resultado da combinação de técnicas composicionais ocidentais e conceitos estéticos japoneses. Este projeto é constituído por quatro partes: a primeira faz um resumo biográfico do compositor, a segunda expõe as influências ocidentais e orientais manifestadas na obra de Takemitsu, a terceira constitui uma análise a duas peças para piano solo do compositor à luz destas noções e, por fim, é explicada a escolha do programa e ordem do recital.
- QR Code na indústria da restauração: o caso da CIM do Tâmega e SousaPublication . Silva, Ana Margarida Couto e; Abreu, António José da Silva; Teixeira, Ana Paula CamarinhaThe tourism sector is in constant transformation, being restaurant industry one of the most significant subsectors, it is also one of the most vulnerable to its changes over time. When considering the global situation caused by the appearance of the virus Covid-19, it becomes important to understand the adaptation of these sectors to the new reality. To better understand the global subject under study it became relevant to deepen knowledge regarding the importance of Information and Communication Technologies (ICT) in organizations and, particularly, its contribution to communication in the tourism sector. Thus, the main objective of this study was to understand how the use of the QR Code had an impact on the restaurant industry , considering that this technology has become an essential tool in the daily lives of the population and in particular of the sectors that provide goods and services. The present study had the Intermunicipal Community (CIM) of Tâmega e Sousa as its target audience, and its objective was to understand the impact of the QR Code in the the food service industry of the region. To obtain concrete data on the subject, we opted for a study case and a quantitative and qualitative research through the dissemination of a questionnaire sent to establishments operating in the community under study. The present work demonstrated a generalized knowledge of the QR Code tool, as well as allowed to verify a growth in the use of this technology, at CIM Tâmega e Sousa, associated with the pandemic caused by Covid-19. It’s expected that the study case that the study will serve as a basis for futher investigations related to the sector of economic activities in Tâmega and Sousa, in particular the tourism and restaurant industry sector.
- A profissão de auditoria na indústria 4.0: perceção dos Revisores Oficiais de ContasPublication . Silva, Joana Filipa Teixeira Jesus e; Bastos, Susana Adelina Moreira CarvalhoIndustry 4.0 has brought profound technological transformations to the audit profession. The introduction of new technologies has driven changes in the way these professionals currently perform their work. The widespread use of digital tools by auditors has enabled auditing to evolve from traditional methods to the digital age, with real-time access to information. The adoption of the most varied technologies in the auditing profession reveals the pressing need for auditors to update their digital skills. The skills considered important for auditors today have changed, in order to respond to the demands of a market immersed in the reality of Industry 4.0. The problem under study focuses on understanding the impact of the digital transformations promoted by Industry 4.0 in the auditing profession. In this way, the objectives are based on the identification of the main changes, on the analysis of how auditors adapt to new technologies and their use in the exercise of their activity, and in the identification of the auditor's profile in I4.0, as well the skills needed to follow the digital evolution. The chosen methodology was quantitative research, using a questionnaire as a method of data collection, addressed to Statutory Auditors registered in OROC since 2011 and, “In Activity”. The results revealed that the technologies have been shown to be beneficial to the profession, contributing to the achievement of superior quality of audit work. Adapting to this reality is inevitable, both in terms of knowledge and in new work and team dynamics. It is concluded that technological evolution has promoted changes in the work focus by directing the auditor's attention to analytical and critical functions, to the detriment of the execution of repetitive tasks.
- Estrutura de propriedade e dívida como mecanismo de governo das sociedades: uma análise empírica para PME industriais portuguesasPublication . Cabral, Cátia Rafaela Santos; Silva, Armando Mendes Jorge Nogueira daComprehending that the portuguese business fabric is mostly dominated by small and medium-sized enterprises (SME’s), caracterized by a concentrated ownership structure where usually the shareholders are themselves the entities managers, the conflict of interests between main shareholders are part of the theme of corporate governance with more relevance than the other conflicts between the different stakeholders. This study aims to analyze the relationship between the Ownership Propriety and Corporate Debt, this as a form of Corporate Governance mechanism. The analysis is based on the level of existing debt on companies, due to conflict of intererests related to ownership concentration, type of main shareholder and number of shareholders that companies comprehend. On a sample of 5.918 portuguese small and medium-sized enterprises, between 2010 and 2018, the study shows a positive influence of ownership concentration on debt, giving rise to evidence that the concentration of ownership, through debt, helps to reduce conflicts of interest among shareholders. On the other hand, regarding the relationship of debt with the type of main shareholder, the study showed that when it comes to a family shareholder, there is a positive influence on indebtedness, showing that family businesses, on average, eventually use more debt capital to reduce conflicts between shareholders. Finally, as the number of share capital holders is used to measure the shareholder structure, the study concluded that there is a negative influence employed by the number of shareholders on indebtedness, indicating that the greater the number of shareholders within a company, on average, greater is the preference for financing their projects with equity rather than resorting to external financing, as creditors retain part of their income.