This paper aims to analyze the financial risk hedging in Portuguese Stock Index (PSI) 20 listed c... more This paper aims to analyze the financial risk hedging in Portuguese Stock Index (PSI) 20 listed companies. To this propose, we have reviewed the individual and consolidated account reports of the respective companies, analyzing the period between 2008 and 2012. Regarding financial risks we identified the following in PSI 20 firms: credit risk, currency risk, interest rate risk, liquidity and price risk. As counter measures we found that these firms use as hedge the instruments that best suits their needs. In this aspect no preference on any particular hedging instrument was found, except in the case of swaps and forwards products, as hedge for currency risk and interest rates.
RESUMO Este estudo pretende identificar quais os principais determinantes da falência das empresa... more RESUMO Este estudo pretende identificar quais os principais determinantes da falência das empresas em Portugal, tendo por base uma amostra de empresas de pequena e média dimensão. Para tal, recorremos à análise de vários rácios de natureza financeira e económica, através da estimação de um modelo que avalia o desempenho empresarial. Os principais resultados permitem concluir que os determinantes da mortalidade das pequenas e médias empresas portuguesas são o endividamento e o desempenho da gestão. Palavras chave: falência; pequenas e médias empresas; rácios económico-financeiros. ABSTRACT This study aims to identify the main determinants of corporate bankruptcy in Portugal, based on a sample of small and medium sized enterprises. To do so, we analyze several financial and economic ratios, estimating a model that evaluates the business performance. The main results show that the determinants of mortality of small and medium sized Portuguese companies are debt and performance management.
New Challenges in Corporate Governance: Theory and Practice
Corporate governance is a mechanism to protect investors in the markets around the world. This st... more Corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors’ specificities in the context of Portuguese corporate governance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. With this study, we contribute to the state of art of Corporate Governance in a country in which investigation is still scarce
Board of Directors Specificities in the Context of Portuguese Corporate Governance and Corporate Law
Corporate Law & Governance Review
The corporate governance is a mechanism to protect investors in the markets around the world. Thi... more The corporate governance is a mechanism to protect investors in the markets around the world. This study analyses the board of directors’ specificities in the context of Portuguese Corporate Governance, and study the corporate governance effect of Portuguese listed firms on firm performance. The results show that the Latin Model (Two-Tier Model) is the most (least) adopted by Portuguese firms. The percentage of executive members is higher than that of non-executive members. In the year of 2014, women held only 9.5% of positions on board, which is very low. The results concerning the relationship between corporate governance and firms’ performance are not consensual. Although some studies find evidence of a positive relation between the two variables, others find no relationship. With this study, we contribute to the state of art of corporate governance in a country which investigation is still scarce.
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Papers by Joaquim Neiva