Luis Pacheco- Professor
- Professor (Full) at Universidade Portucalense
Luis Pacheco
- Professor
- Professor (Full) at Universidade Portucalense
Full Professor at Univ. Portucalense (Porto-Portugal);
Director of REMIT;
Invited professor at Univ. de Aveiro (DEGEIT)
About
120
Publications
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Introduction
PhD in Economics from the Technical University of Lisbon, MSc in Monetary and Financial Economics and a Degree in Economics. University lecturer at Universidade Portucalense and Universidade de Aveiro in the financial and economic areas. Research activity in the financial - capital structure, markets and financial products, etc. - and tourism areas - factors of satisfaction, hospitality, etc. – with published works in several national and international scientific journals. Director of REMIT.
Current institution
Additional affiliations
September 2008 - present
September 1994 - present
Education
October 2001 - November 2006
October 1995 - November 1998
October 1989 - September 1994
Publications
Publications (120)
Research outputs in higher education institutions (HEIs) are crucially dependent
on the research management process. Departing from a SWOT analysis, the main objective of this paper is to analyze the perceptions of stakeholders (researchers, teachers, and senior research managers) regarding the main strengths and weaknesses of HEIs, as well as asse...
This research examines the factors that influence the public's expectation for more information, acceptance or rejection of central bank digital currencies (CBDC). Using generative AI (ChatGPT 4.0), responses were simulated to mimic CBDC adoption scenarios, considering demographic attributes, such as gender, income, education, age, level of financi...
The principal objective of this article is to gain insight into the biases that shape decision-making in contexts of risk and uncertainty, with a particular focus on the prospect theory and its relationship with individual confidence. A sample of 376 responses to a questionnaire that is a replication of the one originally devised by Kahneman and Tv...
We investigated under-researched dimensions of market-wide herding behavior in the Brazilian stock market using a sample from January 2010 to December 2022. Employing OLS and quantile regressions, we found no evidence of herding in the sample or across market conditions, including return, trading volume, and volatility. However, dynamic analysis vi...
Purpose – This paper investigates share price clustering and its determinants across Nasdaq Stockholm,
Copenhagen, Helsinki, and Iceland.
Design/methodology/approach – This paper investigates share price clustering and its determinants
across Nasdaq Stockholm, Copenhagen, Helsinki, and Iceland. Univariate analysis confirms widespread
clustering, no...
User-generated content and online reviews have become a prominent source of information for tourists in the last couple of decades. At the same time, hospitality firms show an increasing concern with environmental practices, in line with customers' changes of attitude and awareness of their environmental footprint. This paper analyses the content o...
O principal objetivo deste manual, agora na sua 2ª edição, é o de clarificar conceitos e mecanismos relevantes no âmbito da avaliação de empresas, questão muitas vezes fundamental para a tomada de decisão. Desta forma, a exposição apresenta os conceitos numa linguagem simples e acessível, acompanhada de exemplos e complementada por um conjunto de c...
Migration and international trade represent two fundamental and interconnected aspects of globalisation. This paper studies the impact of migration on bilateral trade, using data for remittances as a proxy for migrants in an augmented panel data gravity model framework. Using data for Portuguese bilateral trade with 187 countries for the period 200...
Consumers are more willing to invest in experiences with relaxation and stress reduction. Tourism, a pivotal driver of the economy, and its associated activities hold significant potential for experiential marketing. It is particularly evident in the growing interest of tourists in natural settings and experiences related to nature, fostering an en...
Purpose
The behavioural theory adds a new paradigm of analysis with the assumptions of the decision maker’s cognitive biases and their repercussions on financing decisions. The aim of the study is to analyse the repercussions of these biases on the adjustment speed of firm’s capital structure toward the optimal level.
Design/methodology/approach
B...
Purpose - Third-party certifications promote firms’ high standards and enhance their legitimacy and reputation, potentially positively impacting their performance, namely on exports.
Design/methodology/approach - This paper studies the differences in firms’ export performance between firms with and without the “SME Leader” label, a Portuguese firm-...
This paper examines the potential profit of bull flag trading rules in the Shanghai Stock Exchange Composite Index (SSE) using a template matching technique based on price pattern recognition. This paper fills a gap in the literature by applying a template matching technique for the recognition of bull flag patterns in the Shanghai Stock Exchange C...
The relationship between gender and profitability in the context of small and medium enterprises (SMEs) is a less studied topic in the broader context of performance determinants. Thus, the objective of this paper is to examine whether women's leadership of the firms' board of directors and senior management teams enhances financial performance. Co...
O objetivo do artigo é o de apresentar e discutir as caraterísticas dos denominados instrumentos financeiros de longevidade, ou instrumentos do life market, nomeadamente das obrigações de longevidade e dos derivados de longevidade. A criação de tais instrumentos deveu-se à amplitude das transformações demográficas e à necessidade de cobertura do ri...
The theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this behaviour with natural experiments could be more comprehensive. In this paper, we use data from 120 episodes of the Portuguese version of the TV game show The Price is Right, namely from The Wheel game, to explore risk aversion as wel...
Finanças Internacionais - Teoria e Prática
2ª edição - revista
Purpose
This study aims to analyse the relationship between the internationalisation performance of the company and, on the one hand, the factors that determine the internationalisation strategy and, on the other hand, the factors considered as inducers of this internationalisation process. The purpose of this study is to relate the determinants an...
The corporate debt reversibility analysis can be carried out not only from the owner/manager’s active intervention perspective but also from the perspective of a mechanical reversion, independent of owner/managers’ deliberations. Our study aims to discover how and which theoretical perspective underlying reversibility has the most significant impac...
The main objective of this paper is to study the capital structure determinants of the major Spanish and Portuguese football clubs, in particular the impact of their sport performance on leverage. Football clubs were chosen because of their public relevance and also because the sector's capital structure has hardly been studied, in particular in th...
The slippery slope framework explains tax compliance along two main dimensions, trust in authorities and power of authorities, which influence taxpayers’ compliance attitudes. Through frequentist and Bayesian analyses, we investigated the framework’s assumptions on a sample of 2786 self-employed taxpayers from eleven post-communist and non-post-com...
As pequenas e médias empresas (PME) são uma importante componente da estrutura empresarial portuguesa. Devido às suas características intrínsecas, estas tornam-se um alvo atrativo de investimento por parte de forças extranacionais, o que tem consequências a nível económico-financeiro, mais especificamente ao nível da rendibilidade. É amplo o debate...
This paper aims to develop a model for predicting corporate bankruptcy for SMEs in the Portuguese manufacturing industry where this question remains rather unaddressed. Using profitability, activity, liquidity, leverage, and solvency ratios, it was added the size and age variables, for a group of 208 firms, including 49 bankrupt firms and 159 activ...
The financial system is a fundamental pillar in the efficient functioning of credit to the economy. The financial crisis had an impact on the entire financial system, making it clear that the banking sector in general must necessarily undergo a process of change in strategy, namely in the moderate granting of credit. Through a comparative analysis...
The objective of this paper is to empirically examine the relationship between the firm’s ownership and control structure and its leverage. Capital structure is not only the result of various financial characteristics of the firm but also depends on who is in control. Thus, it is fundamental to understand the influence that certain features of the...
The financial system is a fundamental pillar in the efficient functioning of credit to the economy. The financial crisis had an impact on the entire financial system, making it clear that the banking sector in general must necessarily undergo a process of change in strategy, namely in the moderate granting of credit. Through a comparative analysis...
A estrutura de capital das empresas industriais portuguesas: O caso do setor do têxtil e vestuário. The capital structure of portuguese industrial companies: The case of the textile and clothing sector. RESUMO Objetivo: Este artigo analisa os determinantes da estrutura de capital nas empresas do setor têxtil e do vestuário em Portugal, tendo como o...
One of the major goals of bank supervisors is to predict bank distress events. As the environment changes, it is crucial to reassess and improve the models used in monitoring banks. The financial soundness of banks is traditionally assessed based on accounting ratios. However, the incorporation of market information in these models may significantl...
This paper examines if investors exhibited evidence of the availability heuristic in their investment decisions when significant price changes occurred in the British stock market during the 2010-2018 period. We raise the hypothesis that if a significant stock price move takes place on a day when the stock market index also undergoes a significant...
The objective of this paper is to empirically examine the relationship between the firms’
ownership and control structure, in particular the presence of foreign capital, and their internationalization levels, measured in terms of intensity and diversification. The international performance of Portuguese SMEs, which is crucial for the domestic econo...
In the last decades, the academic literature has devoted considerable attention to the
determinants of export performance. In result of those research efforts in identifying and examining the influence of such determinants, the literature presents a wide set of variables associated with higher levels of exports. This paper provides a contribution t...
The last couple of decades have witnessed the growing interest of the academic literature in the conciliation of firm financial performance and growth with social and environmental concerns. Firms face increasing pressure from both shareholders and stakeholders towards adopting sustainable practices. Regulatory impositions, potential competitive ad...
Este manual apresenta e clarifica conceitos e procedimentos relevantes no âmbito da avaliação de empresas, questão muitas vezes fundamental para a tomada de decisão.
Para além dos métodos e técnicas tradicionais de avaliação, apresenta, numa abordagem distinta e inovadora conhecimento útil e atual sobre avaliação empresarial em vários contextos e r...
A banca eletrónica constitui um veículo primordial de comunicação com os
clientes, promovendo uma maior eficiência e rapidez na realização de um
conjunto alargado de operações. No presente estudo foram analisadas 395
respostas de um inquérito realizado a clientes bancários angolanos. Foi efetuada
uma análise descritiva dos resultados e posteriormen...
A banca eletrónica constitui um veículo primordial de comunicação com os clientes, promovendo uma maior eficiência e rapidez na realização de um conjunto alargado de operações. No presente estudo foram analisadas 395 respostas de um inquérito realizado a clientes bancários angolanos. Foi efetuada uma análise descritiva dos resultados e posteriormen...
Psychological Barriers are currently one of the most important topics of research in the field of Behavioral Finance, with several empirical studies published since the 1990’s on a variety of financial assets, such as stock indices, single stocks, bonds, derivatives and gold, among others. However, there is a lack of studies regarding the existence...
This article studies whether export supporting activities developed by Portuguese diplomatic representations in the last decade have had any impact on Portugal's international trade. It used data for 187 destination countries, for the period of 2008 to 2017, controlling for other determinants of trade through a gravity model. Complementing the econ...
The objective of the present paper is to study the effects of gender on financial performance and examine the variables that may influence the presence of women leading the firm or being its main shareholder. The relation between gender and profitability in the context of Small and Medium Enterprises (SMEs) is a less studied topic in the broader co...
Small and medium-sized enterprises (SMEs) have actively increased their participation in international markets. This research's primary objective was to identify, based on 11 case studies, the main barriers to and drivers of the SME internationalisation process in a small open economy. Content analysis of in-depth interviews used Leximancer softwar...
Este artigo tem como principal objetivo identificar e estudar quais as caraterísticas das residências universitárias mais valorizadas pelos estudantes. O estudo é efetuado nas residências universitárias de uma Universidade, em Portugal, para uma amostra de 342 estudantes. Verificam-se diferenças estatisticamente significativas nas preferências conf...
The objective of this paper is to examine the relationship between the firms' ownership and control structure, in particular the presence of foreign capital, and its profitability. The relation between profitability and ownership and control structure is a topic less studied in the literature. This paper uses a balanced panel data of 5.722 firms fo...
O objetivo deste artigo é investigar quais os fatores determinantes dos fluxos de caixa das atividades operacionais, das atividades de investimento e das atividades de financiamento. Verificou-se que as vendas estão positivamente relacionadas com os fluxos de caixa operacionais e negativamente relacionados com os fluxos de caixa das atividades de i...
Why do countries spend so many resources on embassies and consulates? Export promotion is one answer increasingly given, due to their key role in developing and maintaining export markets. The objective of this paper is to study the relevance of this link. Do export supporting activities developed by Portuguese embassies and consulates around the w...
Dividend policy continues to puzzle researchers in the discipline of finance. In this paper we test the signalling effects of the dividend payout for a set of European firms that had sustained earnings growth for a minimum period of five years with a decline in the last year. To the best of our knowledge this is the first paper to run and compare t...
Online hotel reviews, ratings, or opinions have gained importance with the growth of social media tools. The objective of this chapter is to study the impact of specific satisfaction attributes on overall satisfaction. It is used a secondary data set obtained from three of the most influential online travel platforms, being analyzed the guests' ave...
Market anomalies are one of the most intriguing and fascinating phenomena observed in financial markets. This paper examines the incidence of price clustering in US and European bank stocks during the Global Financial Crisis. The results reveal a significant level of price clustering in European and US banks' samples, which is difficult to reconcil...
Market anomalies are one of the most intriguing and fascinating phenomena observed in financial markets. This paper examines the incidence of price clustering in US and European bank stocks during the Global Financial Crisis. The results reveal a significant level of price clustering in European and US banks’ samples, which is difficult to reconcil...
This paper proposes to disclose the perceived impacts of Tourism for a specific group of stake-holders, namely the owners of shops located in the historical center of Porto, in Portugal, a city which witnessed a significant increase in Tourism in recent years. Shop owners' perceptions about tourism have been practically ignored by the existent lite...
The objective of this paper is to empirically examine the relationship between the firms’ degree of internationalization and their financial performance. The literature about performance determinants is abundant however, the relation between internationalization and profitability in the context of Small and Medium Enterprises (SMEs) is much less st...
Objective: The objective of this article is to empirically examine the relationship between
firms’ ownership and control structure and their financial performance. The literature about performance determinants is abundant, however, the relation between performance and ownership and control structure in the context of family firms (FF) is much less...
Purpose
The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies.
Design/methodology/approach
To detect psychological barriers, the authors perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the mo...
O presente artigo aborda o Price-to-Earnings Ratio como instrumento de avaliação de ativos, tendo como objetivo identificar as determinantes deste indicador das empresas não financeiras do mercado de capitais Português no período de 2002 a 2013, contribuindo assim para resolver a divergência existente nos vários estudos teóricos e empíricos sobre e...
The slippery slope framework of tax compliance emphasizes the importance of trust in authorities as a substantial determinant of tax compliance alongside traditional enforcement tools like audits and fines. Using data from an experimental scenario study in 44 nations from five continents (N = 14,509), we find that trust in authorities and power of...
O impacto dos impostos no desempenho das escolas privadas é um tema muito pertinente em vista das recentes alterações na estrutura de impostos de Angola e a severa crise econômica e financeira que o país atravessa, o que faz que o Estado estabeleça medidas que visem contribuir para o aumento das receitas públicas, sendo o sistema fiscal uma das áre...
The objective of this paper is to empirically examine the relationship between the firms' degree of internationalization and their financial performance. The literature about performance determinants is abundant however the relation between performance and internationalization in the context of Small and Medium Enterprises (SMEs) from a small and o...
O objetivo deste artigo é investigar quais os fatores determinantes dos fluxos de caixa das atividades operacionais, das atividades de investimento e das atividades de financiamento. A coleta de dados das empresas do setor alimentar em Portugal foi efetuada na base de dados SABI, para o período de 2010 a 2015, e foi aplicado o Método dos Dados em P...
Objetivo: O objetivo deste artigo é o de estudar os fatores associados à escolha de serviços bancários pelos clientes angolanos. É estudado o comportamento de clientes de entidades bancárias, com a finalidade de determinar quais os fatores que influenciam o cliente ao escolher uma instituição bancária na cidade de Benguela, em Angola.
Metodologia:...
O objetivo deste artigo é investigar quais os fatores determinantes dos fluxos de caixa das atividades operacionais, das atividades de investimento e das atividades de financiamento. A coleta de dados das empresas do setor alimentar em Portugal foi efetuada na base de dados SABI, para o período de 2010 a 2015, e foi aplicado o Método dos Dados em P...
The main objective of this paper is to identify and confirm the characteristics of university residences most valued by the students. The study was carried out in the university residences of a Portuguese public university, for a sample of 342 students. Confirmatory factorial analysis reveals five determining factors in student preferences: the uni...
RESUMO Este artigo tem como objetivo avaliar o impacto económico e social dos Passadiços do Paiva na Região Norte de Portugal. O método de análise utilizado é quantitativo e exploratório. O turismo natureza preocupa-se com comportamentos ambientais responsáveis, que promovem a educação ambiental e a equidade entre gerações, tendo por base um modelo...
Os principais objetivos deste artigo exploratório são perceber as motivações responsáveis pelos processos de internacionalização e obter informação sobre o impacto da criação de um cluster de mobiliário na região de Paços de Ferreira, em Portugal. O método utilizado é quantitativo e exploratório. Verificou-se que a falta de autofinanciamento e a es...
o presente artigo tem como objetivo encontrar as variáveis financeiras e não financeiras
estatisticamente relevantes para a previsão de falência das empresas do setor da construção civil. Os modelos logit e probit previsionais de falência tornaram-se instrumentos úteis e eficazes na verificação das variáveis financeiras que sinalizam maiores perigo...
O presente artigo tem dois objetivos principais, o primeiro passa por examinar a Bitcoin nomeadamente as suas características e o segundo objetivo assenta na pesquisa da sua relevância em Portugal. A análise destes pontos é fundamental para clarificar este tema de elevado interesse à escala global e contribuir com dados atuais sobre a sua situação...
Resumo: O presente artigo procura descrever os fenómenos económicos e sociais ocorridos ao longo da história de Angola, desde o período pré-colonial à independência do País em 1975. A sistematização e atualização dos estudos relativos ao tema da História Económica e Social de Angola é algo de fundamental, pois só assim se conseguirá esclarecer aspe...
This paper uses daily stock prices data surrounding credit rating announcement dates to examine abnormal returns of stocks of the European Union banks experiencing debt rating announcements, during the period 2004–2015. The results of the event studies suggest that rating agencies, by issuing downgrades and upgrades, provide relevant information to...
Este trabalho tem como objetivo realizar um estudo sobre as ferramentas e técnicas usadas pelo Banco de Poupança e Crédito na análise e avaliação de projetos de investimento dos seus mutuários. Para a prossecução deste objetivo fez-se a comparação dos seus processos de decisão em relação aos apresentados na literatura científica, de modo acompreend...
Electronic word-of-mouth (eWOM) has gained importance with the emergence of new online tools and the hospitality sector is at the core of this phenomenon. In this study, we use a data set of
client reviews for Michelin starred restaurants located in Portugal and Spain to analyze the reviews in terms of overall satisfaction and four specific attribu...
O objetivo deste artigo é fazer uma revisão da literatura sobre o tema das residências universitárias e perceber em nível da literatura internacional sobre o assunto, quais as variáveis e fatores que são importantes para o estudante. No início do artigo são compilados os estudos relacionados com a qualidade de vida e ambiente de uma residência univ...
The objective of this paper is to empirically examine the relationship between a set of financial variables and export performance. Though many empirical papers studied the impact of financial structure on firms' performance its effect on firms' export performance has been less studied. The primary objective of our paper is to fill that gap, partic...
The objective of this paper is to empirically determine the investment determinants at the firm level. Many empirical papers studied the investment determinants from a macroeconomic point of view but the
analysis of the main investment determinants from an internal point of view has been less studied. This paper fills that gap, particularly for the...
O objetivo deste artigo é conhecer e analisar as formas de financiamento e produtos financeiros mais utilizados pelas empresas industriais da Província de Benguela, em Angola. Pretende-se ainda compreender a aceitabilidade e a aptidão para a utilização de formas de financiamento alternativas e compreender quais as dificuldades das empresas no acess...
Este artigo tem como objetivos avaliar as potencialidades das Empresas Agrícolas Empresariais e Familiares no desenvolvimento da província do Huambo (Angola) e procurar fundamentos que reforcem a ideia da contribuição que a agricultura pode dar ao crescimento e desenvolvimento económico e, em particular,
à diversificação da economia da província. É...
Este artigo tem como objetivo analisar a importância do Caminho de Ferro de Benguela (CFB) para o desenvolvimento regional em Angola, em particular no seu Planalto Central. A metodologia de investigação utilizada tem por base a análise quantitativa e qualitativa. Foram recolhidos dados quantitativos e efetuada uma entrevista semiestruturada, com a...
Purpose – People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive decisions with fewer resources, even if it leads to suboptimal choices. When applied to financial markets, the recognition heuristic predi...
Purpose – People often face constraints such as a lack of time or information in taking decisions, which
leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive
decisions with fewer resources, even if it leads to suboptimal choices. When applied to financial markets, the
recognition heuristic predi...
O fenómeno da globalização tem levado à necessidade de tratar as finanças empresariais no âmbito de uma dimensão mais ampla em termos de relações económicas internacionais. A crescente liberalização da circulação de capitais e a desregulamentação dos mercados financeiros tendem a acompanhar a livre circulação de bens, serviços e pessoas, colocando...
As medidas de avaliação de desempenho dos fundos de investimento permitem estabelecer um ranking e têm um papel essencial para que os investidores tomem decisões de investimento. A escolha da medida indicada deve ter em consideração a preferência de risco por parte de investidores. Neste trabalho comparam-se as diferentes medidas ajustadas ao risco...
Electronic word-of-mouth (eWOM) has gained importance with the emergence of new online tools, and the hospitality sector is at the core of this trend. We employ a secondary data set of hotel guest reviews from a popular online travel platform, with reviews for hotels located in the four main Portuguese tourism regions. We analyze the reviews in ter...
STRUCTURED ABSTRACT
Purpose: The objective of this paper is to empirically examine the relationship between the firms’ ownership and control structure and their export performance. The literature is traditionally focused on the relation between firms’ performance and internationalization, with the relation between ownership and control structure wi...
Evaluation is an important concept in financial markets
and plays a key role when making investment decisions.
This paper discusses the Earnings per Share as an asset
evaluation tool, in order to identify the determinants of
this measure for non-financial companies in the
Portuguese capital market from 1997 to 2013, thus
providing investors with re...
Este artigo tem como objetivo estudar a relação entre o valor da renda, a localização e a yield subjacente, no mercado imobiliário residencial. A fim de concretizar o objetivo, foram recolhidos dados de quatro anos de rendas de apartamentos T0, T1 e T2 para o concelho do Porto. Efetuou-se a avaliação dos apartamentos pelo método do rendimento e, at...
The main objective of this paper is to study the capital structure determinants of SMEs in the hospitality sector and how this can influence their level of indebtedness. Using panel data methodology and considering a sample of 43 Portuguese hotels, the authors study the capital structure determinants between 2004 and 2013. The study examines the in...
The objective of this paper is to empirically examine the relationship between a set of financial variables and export performance. Although many empirical papers studied the impact of financial structure on firms' performance its effect on firms' export performance has been less studied. The primary objective of our paper is to fill that gap, part...
Este trabalho tem como principal objetivo estudar o nível de educação e formação financeira de uma amostra da população escolar da Área Metropolitana do Porto, em Portugal. O método utilizado é quantitativo e exploratório, tendo sido efetuado um inquérito a uma amostra dos alunos da população em estudo. A fundamentação teórica do estudo tem por bas...
O objetivo deste artigo é a análise do preço das diárias praticadas num quarto de hotel, tendo em conta o tipo de quarto, a época do ano e as vistas dos quartos, de três empreendimentos turísticos localizados em frente ao mar, em diferentes regiões de Portugal. Da revisão de literatura sobre as externalidades ligadas ao turismo e sobre os fatores d...
Electronic word-of-mouth has gained importance with the emergence of new online tools and the
hospitality sector is at the core of that phenomenon. In this paper we employ a secondary data set
of hotel guest reviews for Porto, Portugal, star-rated hotels on a large online travel platform, to
explore the distribution and difference in rating behavio...
A aplicação do Programa de Assistência Econômica e Financeira no período de 2011 a 2014 impôs a necessidade de garantir o cumprimento das metas orçamentais, tornando o controle da execução orçamental e dos déficits públicos elementos críticos. O controle do endividamento municipal é uma componente fundamental dessa consolidação. Este artigo assenta...
O objetivo deste artigo é analisar a perceção e sensibilidade ao risco das
“PME de excelência” portuguesas e constatar quais os benefícios que retiram
da gestão do risco. É também objetivo investigar se as empresas entendem a
gestão do risco como algo de positivo e se apresentam maturidade na
identificação e tratamento do risco. O método de análise...
The research about the determinants of firms' performance has been a crucial question for managers, researchers and stockholders. The main objective of this exploratory paper is to study the economic drivers of revenue per available room (RevPAR) in the Portuguese hotels. This study examines the local and global factors driving RevPAR in different...
The central objective of this paper is to empirically examine the relationship between the capital structure of Portuguese small and medium enterprises (SMEs) and their export performance. We focus our study in the Portuguese industrial firms due to their importance for the Portuguese economy and role played in the country's economic recovery amid...
