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- Welfare costs of inflation with distortionary taxationPublication . Adão, Bernardino; Silva, André C.; NOVA School of Business and Economics (NOVA SBE); Banco de PortugalWe show that the welfare cost of inflation decreases when distortionary taxation is taken into account. The estimates of the welfare cost of inflation usually consider that governments are able to use lump sum taxation to finance their budget. However, governments can only use distortionary taxation, such as labor income taxes. When only distortionary taxation is available, the government can decrease the size of distortionary taxes by compensating the decrease in revenues with the revenues generated by inflation. We compare the case in which the government has access to lump sum taxes with the case in which only distortionary taxes are available. We keep the level of government expenditures as a percentage of output constant. We find that the welfare cost of an increase in inflation from 0 to 10% per year decreases from 1.3% in terms of income to 0.8%.
- Bouncing back from failurePublication . Lafuente, Esteban; Vaillant, Yancy; Vendrell-Herrero, Ferran; Gomes, Emanuel; NOVA School of Business and Economics (NOVA SBE); Blackwell Publishing LtdThis paper examines the impact over international propensity of past negative entrepreneurial experience for those who re-enter into entrepreneurial activity; referred to as resilient serial entrepreneurs. We first hypothesise on the effects over entrepreneurial re-entry that such negative past experience may have and highlight the link between the past entrepreneurial experience of resilient entrepreneurs and their subsequent propensity towards international markets. Building on insights from the generative experiential learning process of entrepreneurial activity and from cognition theories, we propose that resilient entrepreneurs who re-enter business despite having faced negative entrepreneurial experiences in the past benefit from enriched cognitive schemas leading them to greater export propensity. The proposed hypotheses are tested on a unique sample drawn from a Spanish adult population survey. Results from the sequential deductive triangulation analysis reveal that practical experience is an essential prerequisite for entrepreneurial learning, and that the resilience of those with negative entrepreneurial experience induces the generative entrepreneurial learning especially suitable for subsequent internationally oriented ventures.
- Social tourism and senior university in PortugalPublication . Dahab, Sónia; Mannebach, Teresa; NOVA School of Business and Economics (NOVA SBE); Instituto para o Desenvolvimento da Gestão Empresarial, Projectoshis paper aims to fill a literature gap and to analyze empirically senior universities in Portugal related to the impact of experimental learning on courses offered. Focus will be given to the elderly population motivations to experiment new cultural expressions and the impact this process may have on their cognitive abilities/culture intelligence. Social tourism becomes increasingly important given the lack of elderly economic means to support travel expenses and ways to save for leisure time after retirement. Senior university and social tourism can together offer this possibility. The first part represents an introduction to the topic of social travel. The second part focuses on the major conceptual aspects – culture, experimental knowledge, cultural intelligence adapted to senior universities courses – to support and justify the hypotheses to be tested.
- Fiscal instruments, welfare and inflationPublication . da Silva, Daniel Mugeiro; NOVA School of Business and Economics (NOVA SBE); Imprensa da Universidade de CoimbraThis study aims at answering two research questions. Firstly, given a change in the VAT rate and a change in targeted transfers, which would impact inflation the most? Secondly, after a negative supply shock, which measure would be more welfare-friendly? We find that VAT changes generate a greater impact on inflation than changes in transfers, both empiri-cally and within the structural model. Additionally, we find that a decrease in the VAT rate, though it generates more inequalities, is more welfare-friendly if it is measured through a utilitarian approach.
- Matrizes de materialidadePublication . Ferreira, Leonor Fernandes; NOVA School of Business and Economics (NOVA SBE); Editora Universidade LusíadaA materialidade não financeira, ou dupla materialidade, é um conceito recente e ainda impreciso, o que propicia a incerteza na sua aplicação, tornando provável que o relato não financeiro das empresas careça de objetividade, fiabilidade e comparabilidade. Este trabalho investiga as matrizes de materialidade divulgadas nos relatórios integrados e de sustentabilidade de empresas portuguesas cotadas na Euronext Lisbon. Para as sete empresas que em 2018 divulgaram uma matriz de materialidade nos seus relatórios integrados ou de sustentabilidade, todas elas incluídas no PSI 20, é feita uma análise de conteúdo. O estudo abrange o exame do formato das matrizes e as variáveis nelas representadas, que são os temas materiais e a definição de materialidade que lhes subjaz, bem como os stakeholders a quem esses temas interessam e o modo como são consultados e se envolvem no processo de definição da materialidade. As conclusões do estudo revelam a escassez de matrizes de materialidade divulgadas e evidenciam que as divulgações de matrizes de materialidade nos relatórios não financeiros apresentam disparidade. Em todas as matrizes, as empresas divulgam temas ambientais, sociais e de governança corporativa. As matrizes evidenciam stakeholders internos e externos, sendo os ‘Colaboradores’ e o ‘Estado e outras entidades oficiais’ referenciados por todas as empresas, e os clientes e fornecedores pela maioria delas, mas as formas de consulta e envolvimento dos stakeholders variam de empresa para empresa. A investigação contribui, no âmbito limitado das matrizes de materialidade, para o conhecimento do status quo da harmonização do relato não financeiro. As divulgações de materialidade dependem de julgamento e estão associadas às características da empresa. Embora o ambiente legal e a indústria onde cada empresa opera possam influenciar a divulgação da materialidade não financeira, a escolha da abordagem ou quadro de reporte importa. A regulamentação ainda imprecisa e a diversidade nas práticas de divulgação resultam em falta de harmonização e, logo, de comparabilidade. Para aumentar a comparabilidade e a usabilidade dos relatórios, recomenda-se que os reguladores, legisladores e comissões de normalização ponderem a eventual elaboração de diretrizes ou um padrão de relatório comum.
- Pandemia, saúde e proteçãoPublication . Barros, Pedro Pita; NOVA School of Business and Economics (NOVA SBE); Biblioteca Nacional de Portugal, Centro de Estudos Históricos, CELOM
- Students with an immigrant background in the Lisbon Metropolitan AreaPublication . Almeida, Sílvia de; Firmino, João; Gabriel, João Mesquita; Hortas, Maria João; Nunes, Luís Catela; Centro Interdisciplinar de Ciências Sociais (CICS.NOVA - NOVA FCSH); NOVA School of Business and Economics (NOVA SBE); Instituto Universitário de Lisboa, Centro de Estudos Territoriais | Dinâmia’CET-IULThis paper focuses on the territorial distribution of students, in Lisbon Metropolitan Area (LMA), with an immigrant background enrolling in the 3rd cycle of basic education in Portugal and on the differences in the academic performance of students attending the last year of this cycle, considering their birthplace. Differences are examined by estimating several linear regression models using as dependent variable two performance indicators – students’ results in the 9th grade national exams in the Maths and Portuguese Language subjects; and a binary indicator of a successful academic record during the 3rd cycle. The results confirm significant differences in the students’ school performance depending on their birthplace: students from Brazil and Portuguese-speaking African countries (PALOP) have the most significant differences compared to students from Portugal. A substantial part of these differences is already present at the end of the 2nd cycle, and subsist when accounting for students’ socioeconomic characteristics. Our results show that a considerable part of the differences is explained by factors inherent to the school and the class, and not so much to the municipality, which might reveals the existence of some types of segregation experienced by these students, either at intra-municipality level (by the different schools) or intra-school level (by the different classes).
- How to govern the digital transformation of health servicesPublication . Ricciardi, Walter; Barros, Pedro Pita; Bourek, Aleš; Brouwer, Werner; Kelsey, Tim; Lehtonen, Lasse; Expert Panel on Effective Ways of Investing in Health (EXPH); NOVA School of Business and Economics (NOVA SBE); Oxford University PressThe impact of digitalization of health services has been profound and is expected to be even more profound in the future. It is important to evaluate whether digital health services contribute to health system goals in an optimal way. This should be done at the level of the service, not the 'digital transformation'. Decisions to adopt new digital health services, at different levels of the health care system, are ideally based on evidence regarding their performance in light of health system goals. In order to evaluate this, a broad perspective should be taken in evaluations of digital health services. Attainment of the broad health system goals, including quality, efficiency and equity, are objectives against which to judge new digital health services. These goals in a broad sense are unaltered by the process of digitalization. Governance should be designed and tailored in such a way to capture all relevant changes in an adequate way. When evaluating digital health services many specific aspects need to be considered. Like for other innovations and (new) technologies, such promises may or may not materialize and potential benefits may also be accompanied by unintended and/or negative (side) effects in the short or long term. Hence, the introduction, implementation, use and funding of digital health technologies should be carefully evaluated and monitored. Governments should play a more active role in the further optimization both of the process of decision making (both at the central and decentral level) and the related outcomes. They need to find a balance between centralized and decentralized activity. Moreover, the broader preparation of the health care system to be able to deal with digitalization, from education, through financial and regulatory preconditions, to implementation of monitoring systems to monitor its effects on health system performance remains important.
- As virtudes nas organizaçõesPublication . Cunha, Miguel Pina e; Rego, ArménioO termo “virtudes” andou arredado do léxico organizacional. Todavia, mais recentemente, uma vaga de interesse motivada por escândalos no mundo empresarial (particularmente no setor financeiro) trouxe as virtudes para o centro do palco. Neste artigo, discutimos a noção de virtude, apresentamos um quarteto de perspetivas complementares sobre a virtude enquanto processo organizacional, e discutimos formas possíveis de estimular a prática organizacional virtuosa numa perspetiva de comportamento organizacional.
- Long-run performance of sovereign rating changesPublication . Correia, Claúdia; Ferreira, MiguelThis paper examines the impact of Sovereign rating changes on the aggregate stock and bond market returns both in emerging and developed countries. Rating downgrades in emerging markets are associated with significant negative wealth effects both in the stock and bond markets. Moreover, the effects of rating downgrades persist up to six-months after the event. In contrast, upgrades in emerging markets convey no information. Rating changes in developed markets have no significant impact on either stock and bond market returns. Rating agencies act pro-cyclically, downgrading countries in bad times and, consequently, contributing to the instability in emerging markets.