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DERIVATIVE INSTRUMENTS ON EMISSION ALLOWANCES: FACTORS INFLUENCING DISCLOSURE IN PORTUGUESE COMPANIES

Purpose: With the evolution of the European Union Emission Trading System (EU ETS), which foresees that the emission licenses will no longer be allocated free of charge and will be negotiated at auction, it is expected that there will be an increase in the trading of derivative instruments on licenses, to cover any risks of future price fluctuations, and therefore an increase in disclosure in this area.T his article aims to analyze the degree of disclosure of information on Derivative instruments on Emission Allowances, analyzing the degree of compliance with the underlying accounting regulations, and their determinants factors. Design/methodology/approach: The study will focus on a sample of companies operating in Portugal, which are part of the National Emission Licensing Plan (PNALE) I and II. The methodology used in this study was the content analysis of the Reports and Accounts of the sample entities over a 12-year period, based on the creation of disclosure indexes for the topics under analysis.This is a longitudinal study that seeks to address possible changes in the behaviour of companies' reporting practices in the periods 2008-2102 and 2013-2020 (corresponding to the 2nd and 3rd phases of the EU ETS). Findings: The results of the derivative disclosure index, in general, is higher (average IDGD is 0.81), although it is still very low when it specifically refers to derivative instruments for risk hedging related to emission licenses (IDL_LE = 0.11). Contrary to expectations, not only companies do not use this type of instrument to cover the risk of fluctuations in the price of licenses, nor is the change in the behaviour of companies between the 2nd and 3rd EU ETS periods significant. Regarding the explanatory factors studied, there is only a statistically positive correlation between the disclosure index and profitability. Research, Practical & Social implications: This study contributes to the understanding of disclosure practices on derivative instruments related to licenses in large Portuguese companies and may be useful for the various users of financial information and for accounting standardization bodies. Originality/value: As far as we know, previous studies related to the disclosure of derivative instruments for gas emission licenses are non-existent, so our study represents a contribution to the advancement of the literature in this area.

2022

http://hdl.handle.net/11110/2496

Monteiro, Sonia Lemos, Kátia Ribeiro, Verónica Florindo, Ana

Marketing de lugares e gestão territorial: Perspectiva preliminar no contexto do Quadrilátero Urbano do Minho (Portugal)

Objetivo: O estudo visa compreender a importância do marketing e da gestão territorial na promoção de uma marca territorial (i.e. marketing da cidade e estratégias de comunicação). O contexto de estudo é o Quadrilátero Urbano do Minho (i.e. Braga, Guimarães, Famalicão e Barcelos). Metodologia: O estudo será desenvolvido através de 4 entrevistas exploratórias (semiestruturadas) a funcionários municipais e de um questionário a residentes das cidades do Quadrilátero Urbano. Resultados: Place marketing e gestão territorial desempenham um papel importante na promoção de marcas territoriais (i.e. marketing das cidades) e um destino turístico. As ações de marketing do lugar influenciam o comportamento dos residentes e stakeholders (e.g. investimento de empresas no território). Implicações práticas: O estudo apresenta insights preliminares que podem ser uma ferramenta para auxiliar os gestores e profissionais municipais que atuam nas 4 cidades do Quadrilátero do Urbano do Minho (e.g. estratégia de marketing territorial consistente e integrada). Limitações da investigação: O estudo apresenta contribuições para a teoria (i.e., marketing de cidades e gestão territorial) e para a prática (i.e., estratégias integradas entre cidades). No entanto, estudos futuros devem aprofundar os resultados preliminares. Sugerimos o desenvolvimento de um modelo conceitual a ser testado empiricamente (testando relações causais entre variáveis).

2022

http://hdl.handle.net/11110/2497

Silva, Júlio Sousa, Bruno Abreu, João

Country Note Assessing the Corporate Use of Tax Relief Measures in Portugal in the Wake of the Pandemic

The covid 19 pandemic has been affecting the social and economic system of every country. In the economic domain, policymakers have used an array of measures to alleviate the financial stress of individuals and firms. A broad strand of literature has discussed the wide range of tax relief measures and their possible effectiveness. In the corporate sector, one year after the outbreak of the pandemic, it is time to assess how firms took advantage of tax relief measures enacted by governments and to analyse which of those are more appropriate. The purpose of this article is therefore to connect the literature about fiscal policymaking with the effective use of covid 19 relief measures in the corporate sector. Based on a survey of 200 chartered accountants with comprehensive knowledge of Portuguese firms´ utilization of fiscal measures, the authors present an analysis related to the utilization of tax relief measures in three important areas: the VAT, corporate income tax, and individual income tax. The VAT payment deferral emerges as the most important area for tax relief considering its more immediate impact on cash flows and liquidity. Additionally, respondents were requested to offer their opinions about the economic sectors in which relief measures had a more intensive use.

2022

http://hdl.handle.net/11110/2498

Dinis, Ana Martins, António