What factors can explain the performance of energy companies in Portugal? Panel data evidence

Neves, Maria Elisabete Duarte; Baptista, Luís; Dias, António; Lisboa, Inês

doi:10.1108/ijppm-01-2021-0057

Cited by 20 publications

(31 citation statements)

References 91 publications

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“…Dong (2015) identifies that more personnel expenses result in substandard performances because higher-wage workers may be more likely to manipulate earnings, thus negatively influencing performance. We also found other studies that show an insignificant relationship (e.g., Faleye and Trahan, 2011;Neves et al, 2021). Following Neves et al (2021), who ascertained the existence of a positive relationship between personnel expenses and some proxies to performance, we propose a sixth hypothesis with this impact: Hypothesis 6 -Personnel expenses positively influence Iberian listed companies' performance.…”

Section: Personnel Expensessupporting

confidence: 62%

Determinants of Iberian companies’ performance: corporate boards and the nonlinearity of gender diversity

Proença

Neves

2022

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Purpose This paper aims to analyze the performance determinants of listed companies in the Iberian Peninsula, focusing on the analysis of the effect of gender diversity and the structure of the board of directors. Design/methodology/approach To achieve this aim, the authors analyzed 97 listed companies, of which 23 are Portuguese and 74 are Spanish, between 2015 and 2019. The authors use Arellano and Bond’s (1991) generalized method of moments system model to test the hypotheses. Findings The results show an important impact of corporate governance variables on corporate performance. Specifically, board size, average director age and board academic qualifications are crucial to explaining profitability and market value. Moreover, the authors identified a nonlinear relationship between gender diversity and profitability and market value levels due to critical mass theory and quotas that enhance more social justice. The authors concluded that the corporate performance determinants differ depending on the performance measures. Originality/value To the best of the authors’ knowledge, this study is the first to analyze the nonlinear effect of gender diversity and board structure (size, educational qualifications and average director age) on the performance of Iberian listed companies as a single market.

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Section: Personnel Expensessupporting

confidence: 62%

Determinants of Iberian companies’ performance: corporate boards and the nonlinearity of gender diversity

Proença

Neves

2022

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“…The study also confirmed that among the firm-specific determinants, total assets and leverage had a significant positive effect on the photovoltaic firms' performance; the result is contrary to the one from the meta-analysis of [22]. Neves et al used the generalized method of moments to study Portuguese energy companies' determinants during the periods of 2010-2014 [33] and 2011-2018 [34].…”

Section: Review Of Literature On Profitability Determinantsmentioning

confidence: 82%

Profitability Determinants of Unlisted Renewable Energy Companies in Germany—A Longitudinal Analysis of Financial Accounts

2021

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The fight against a climate crisis has urged nations and the global community to cut emissions and to define ambitious environmental goals. This has highlighted the importance of the renewable energy (RE) industry. Germany has been one of the most active countries in RE adoption. In this vein, the purpose of this research is to study and identify key profitability determinants of unlisted German electricity-producing RE-companies, many of which have been supported by the German Feed-in Tariff (FIT). A multi-year analysis based on panel data from 783 companies for the years 2010–2018 is used. The results show that both company- and industry-specific profitability determinants are statistically significant, but the company-specific determinants seem to be more important. The results shed new light on what drives the profitability of private German RE companies during the period of financial aid from the government and are of use to managers, regulators and investors alike, e.g., when the effects of different regulatory climates and industry environments, as well as states of business life cycle are considered. Furthermore, the implications of this study have wider environmental and economic importance as the performance of the RE companies is critical in achieving the emission targets of the energy industry and ensuring a more sustainable energy production for the future.

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“…To test the hypotheses proposed, we have considered leverage as our dependent variable which is defined by the ratio between equity capital and total assets (Sá et al. , 2017; Neves et al , 2021a, b). Table 1 shows all the variables present in the study.…”

Section: Methodsmentioning

confidence: 99%

“…, 2019; Cancela et al. , 2020 or Neves et al , 2021b). Additionally, this model has greater control over the endogeneity of the independent variables (Neves et al , 2021a).…”

Section: Methodsmentioning

confidence: 99%

“…The estimation method used was the GMM system, developed by Arellano and Bond (1991), Arellano and Bover (1995), and Blundell and Bond (1998) who argue that it cancels unobserved effects, despite the existence of omitted variables, enhancing the credibility of the results. In particular, GMM uses instrumental variables produced by lagged values of the dependent variable, as well as lagged values of independent variables that could potentially suffer from endogeneity (Antoniou et al, 2008;Vieira et al, 2019;Cancela et al, 2020or Neves et al, 2021b. Additionally, this model has greater control over the endogeneity of the independent variables (Neves et al, 2021a).…”

Section: Estimation Methodsmentioning

confidence: 99%

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The cultural dimension in companies' leverage. New evidence using panel data for a European macroeconomic context

Neves

Almeida

Vieira

2022

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PurposeThe main objective of this work is to show that the traditional specific characteristics of companies as well as cultural and religious dimensions can influence the leverage of companies in different macro-environmental systems.Design/methodology/approachTo achieve this aim, the authors have used data from 1.568 firms from 7 European countries between 2010 and 2016, and the models were estimated by using panel data methodology, specifically the generalized method of moments (GMM) estimation method by Arellano and Bover (1995) and Blundell and Bond (1998).FindingsOverall, the empirical results point out that the cultural moderating factors are essential in determining companies' capital structure, regardless of the country's legal origin. The study results also show that traditional variables, intrinsic to management, macroeconomic environment and religion, have a central role in capital structure, namely for the civilian countries.Originality/valueAs far as the authors know, this is the first work that uses, in addition to the traditional specific characteristics of companies, cultural dimensions and religion, as determinants of debt levels, in different legal systems for Europe.

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What factors can explain the performance of energy companies in Portugal? Panel data evidence

Cited by 20 publications

References 91 publications

Determinants of Iberian companies’ performance: corporate boards and the nonlinearity of gender diversity

Determinants of Iberian companies’ performance: corporate boards and the nonlinearity of gender diversity

Profitability Determinants of Unlisted Renewable Energy Companies in Germany—A Longitudinal Analysis of Financial Accounts

The cultural dimension in companies' leverage. New evidence using panel data for a European macroeconomic context

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