A carregar...
6 resultados
Resultados da pesquisa
A mostrar 1 - 6 de 6
- Does Tax, Financial, and Government Incentives Impact Long-Term Portuguese SMEs’ Sustainable Company Performance?Publication . Picas, Sara; Reis, Pedro; Pinto, António; Abrantes, José LuísThis article aims to assess how fiscal and financial incentives and government support conditioned the profitability of Portuguese SMEs between 2010 and 2019. The high tax and financial burdens on SMEs have consequences for sustainability and business development. Thus, the study analyzes different incentives provided by the Portuguese government to ease this burden and improve business profitability. The study uses panel data with fixed effects using five different sources of information from five internal tax grant types, three different European Union program financial subventions, and three national budget-specific expenses. The results obtained suggest that tax incentives influence the profitability of SMEs; however, government incentives do not have any impact. The QREN (financial) incentives positively decide the ROA and negatively impact the ROE, contributing to sustainable performance. Portugal 2020 incentives have a weak effect on the first years, improving in the following years. However, the incentive related to R&D is not relevant. This work aims to contribute to decision making for managers, shareholders, and government entities, allowing them to choose those measures that could increase the company’s added value, and for governments, as a tool to select incentives that will most benefit SMEs” profitability. This work identifies the key incentives that impact companies’ profitability.
- Estudo do potencial agronómico, em estufa, de espécies de rizobio na cultura do grão-de-bicoPublication . Pinto, António; Adriano, IlídioO presente trabalho tem como principal objectivo avaliar o potencial biológico de seis espécies de rizobio, capazes de produzir nódulos na raiz do grão-de-bico (Cicer arietinum, L) com a intenção de seleccionar possíveis espécies que se destaquem nos parâmetros agronómicos estudados, para posterior fornecimento aos agricultores. As espécies ensaiadas foram oriundas de Espanha e isoladas no Departamento de Microbiologia e Genética da Universidade de Salamanca. Juntamente com estas espécies foram também estudadas as espécies de Mesorhizobium mediterraneum tipo e Mesorhizobium ciceri tipo consideradas de referência para a cultura do grão-de-bico, assim como as estirpes endógenas que funcionaram como testemunha. As estirpes que deram origem às espécies foram designadas, de acordo com a sua origem por RCA21 (Riego de la Vega, León); RCA08 (Riego de la Vega, León); FCA11 (Fuentesaúco, Zamora); PECA26 (Pedrosillo, Salamanca); VGCA02 (VegaGuatiza, Lanzarote); FCA08 (Fuentesaúco, Zamora); RCA13 (Riego de la Vega, León) e Testemunha (populações autóctones do solo da estufa. Estas estirpes foram identificadas por González (2003), nas seguintes espécies: Mesorhizobium mediterraneum (VGCA02); Mesorhizobium ciceri (FCA08 e PECA26); Mesorhizobium tianshanense (RCA08 e RCA21) e Mesorhizobium amorphae (FCA11 e RCA13). O ensaio foi instalado na estufa de plástico, em forma de túnel com 2,5 m de altura, da Escola Superior Agrária de Viseu, tendo decorrido de 08/03/04 a 21/06/04, e sendo a cultura do grão-de-bico conduzida segundo as técnicas de cultivo tradicionais da região. Adoptou-se um delineamento experimental constituído por quarenta blocos casualizados de 1 m 2 com quatro repetições, cada uma com dez blocos. Em cada bloco foram semeadas 15 sementes com um compasso de 0,20 m x 0,50 m, previamente inoculadas com cada uma das estirpes e espécies a estudar, com excepção da testemunha que não foi inoculada. Entre os blocos ficou um corredor com cerca de 0,20 m. Os parâmetros agronómicos avaliados neste estudo, para cada uma das espécies ensaiadas, foram a percentagem de emergência, o número de nódulos por planta, o peso seco dos nódulos por planta, a altura da parte aérea das plantas e o peso seco da parte aérea das plantas. No tratamento estatístico dos resultados utilizou-se o programa STATISTICA, método one-way ANOVA e POS-HOC recorrendo ao método Tukey HSD para desiguais n. Relativamente aos parâmetros avaliados, os resultados obtidos não revelaram diferenças significativas entre as espécies ensaiadas e a testemunha, à excepção do peso seco dos nódulos. No entanto, a tendência dos valores observados indicou que, em termos gerais, os melhores resultados foram obtidos com a inoculação das espécies, por ordem decrescente: M. mediterraneum tipo, M. ciceri tipo, M. amorphae, M. mediterraneum, M. ciceri, M. tianshanense e testemnuhna (Blanco).
- Global Phenolic Composition and Antioxidant Capacity of Extracts from the Endophytic Fungi Cophinforma mamane with Potential Use in Food Systems: The Effects of Time, Temperature, and Solvent on the Extraction ProcessPublication . Gurgel, Raiana S.; Pereira, Dorothy I. M.; Martins, Bárbara; Falcão, Lucas S.; Lacerda, Caroline D.; Neves, Cláudia M. B.; Pinto, António; Jordão, António; Albuquerque, Patrícia M.Endophytic fungi are promising producers of phenolic compounds; however, the process of extracting these molecules from the culture medium is a crucial step for obtaining these metabolites. In this context, the best conditions for extracting phenolic compounds produced by Cophinforma mamane CF2-13, isolated from an Amazonian plant, were evaluated. The fungus was cultivated in a liquid medium to obtain its metabolites. The effects of the solvent, time, and temperature were investigated, as well as the use of ultrasound. The total phenolics and the antioxidant activity were assessed to define the best extraction conditions. The optimized extract was chemically characterized and used to analyze its potential in protecting olive oil from lipid oxidation. The best results were found using ethyl acetate at 20 ◦C for 2 h. These conditions led to 61.61 mg GAEq/g of extract of total phenolics, and an antioxidant capacity of 0.47, 0.45, and 0.29 mmol TEq/g of extract using the DPPH, ABTS, and FRAP methods, respectively. In addition, the optimized extract presented caffeic acid and was able to delay the lipid oxidation of olive oil. The potential of endophytic fungi to produce phenolic compounds is promising for the food industry since natural bioactive compounds have many benefits for human health.
- Subjective/ Behavioural Factors Influence the PSI 20 and IBEX 35Publication . Costa, Stefan Abrantes; Reis, Pedro; Pinto, AntónioThis study assesses the impact of investor sentiment on the volatility of the PSI 20 and IBEX 35 from time series data from January 1988 to May 2019. The impact of investor sentiment on market and portfolio selection has aroused great interest in the literature, however the results obtained are not consensual, considering the different methodologies used to build sentiment indices, as well as the various levels of institutional development in the market. Asymmetric volatility behaviours according to good or bad news were evaluated using the TGARCH model. The results indicate that there is an asymmetric effect of good versus bad news on the volatility of IBEX 35. It was also noted that for Portugal and Spain investor sentiment presents statistical significance with a negative sign, suggesting that market volatility is more sensitive to negative shocks in the conditional variance. In Portugal, contrary to Spain, sentiment has no relevance on return. The study reveals that investor sentiment is a key factor in selecting investment in the market. The relationship that this establishes with volatility, can help to implement policies that allow to minimize future shocks’ impact on return. The study reveals for the first time that investor sentiment is a key factor in selecting investment in the market for Portugal.
- Antioxidant and Antimicrobial Activity Characteristics of Seven Biopreparations Used in Organic FarmingPublication . Simões, Joana; Peleja, Ana; Neves, Cláudia; de Vasconcelos Teixeira Aguiar da Costa, Daniela; de Paiva Martins Esteves Correia, Helena Maria; Pinto, António; Ferreira Wessel, Dulcineia; Costa, Cristina Amaro da; Delgado, Fernanda; Carneiro, João Paulo; Horta, Carmo; Bahcevandziev, Kiril; Vidal, Maria; Filipe, OlgaAgroecological transition is a major societal challenge and it is urgent to support technical solutions to answer farmers demand towards the necessary changes. The project RESTORE - biopReparados Em SisTemas prOdução agRoEcológicos aimed to study and validate the production, conservation, and use of seven biopreparations by characterizing and testing them in lettuce nurseries. The biopreparations used include prickly pear vinegar, purslane vinegar, fermented orange juice, garlic extract, nettle infusion, horsetail decoction and a biopreparation of garlic and chilli. The in vitro microbiological characterization and chemical analysis of the biopreparations, which included phenolic composition and antioxidant capacity, allowed us to understand their properties and to propose the most appropriate conservation strategy. The tests were conducted in four different moments: during the biopreparations’ manufacturing, after six months of frozen storage, and after three and six months of fresh storage. One-Way ANOVA in SPSS 29.0 and PCA comparison tests were used to analyze the results. Fermented orange juice and vinegars were the biopreparations that showed the greatest outcomes in terms of antioxidant capacity and phenolic composition. Purslane vinegar had the highest average inhibition against germs. The concentration of phenolic compounds, the antioxidant capacity, and the antibacterial activity of the biopreparations varied with time and type of conservation. It is crucial to conduct more trials, using different species and recipes, to support farmers’ decision making and adoption of agroecological solutions.
- The influence of consumer, manager, and investor sentiment on US stock market returnsPublication . Reis, Pedro; Pinto, António; Guimarães, AndréThis study examines how consumer, investor, and manager sentiment explain US stock excess returns over 23 years. Its novelty resides in integrating the sentiments of three different types of economic and financial agents. It also performs a segmented temporal analysis using rolling window techniques, to assess sentiment’s impact across different time horizons. The empirical analysis utilizes the Paris-Winsten and Newey-West estimators, along with the ARMAX model to address autocorrelation and heteroscedasticity in linear regression, providing robust standard errors and reliable statistical inferences. The autoregressive moving average models estimate excess return based on the past values, shocks, and external variables. Combining the Fama-French five-factor model with the sentiment factor enriches the analysis. The study’s findings indicate that higher consumer optimism negatively impacts excess returns, as investors may anticipate a future decline in the stock market due to an existing overheated economy. Investor sentiment exhibits mixed behavior, where higher uncertainty may increase stock returns due to previous oversold markets creating opportunities for investors or due to the closing of short positions, which will also increase stock demand. It is also related to decreased stock returns depending on the proxy used. As for managers’ sentiment, this work did not demonstrate a relevant relationship between this sentiment and stock returns. The study also reveals that the importance of sentiment determinants of those three agents changes over time. The findings support behavioral models of asset pricing, which incorporate both market fundamentals and the psychological characteristics (sentiment) of different market participants.