3. CORPORATE SECTOR FINANCING & INVESTMENT

Coordination: Miguel Cruz

Report on Scientific Activities and Research Projects 2025/2026

Miguel Cruz (coordenador); Mário Coutinho dos Santos; Jorge Mota; Victor Mendes; Bruno Maia; Rui Neves (UAL).

2. Participation of national and/or foreign researchers or entities

J. M. Pinto (Universidade Católica Portuguesa – Porto); P. V. Matos; Aveiro University / GOVCOPP (Mara Madaleno, F. Silva).

3. Brief description of the main work developed

Report on Scientific Activities and Projects – Financing and governance of infrastructure projects in public-private partnerships: evaluation with variable capital structure and asset-based structured finance — two chapters in the Elgar Companion to Transport Infrastructure Projects. – Factoring and performance of Portuguese companies (Managerial Finance, accepted), with Jorge Mota and Mara Madaleno. – Investment of conglomerates and internal capital markets: a dual sensitivity model to cash flow and financial slack (Coutinho dos Santos, Mendes and Mota; under peer review in an indexed international journal). – Financing behavior of companies throughout the life cycle, with data from EU companies 2011–2025 (in development). – Teaching mathematics for business economics with interactive computational modeling — real options, risk analysis and Monte Carlo simulation (in development).

4. Key objectives achieved

One article accepted in a journal indexed in Scopus/Web of Science (in press) and two book chapters published internationally; one article under peer review and two works in progress.

5. Published works

Silva, F., Mota, J. H., & Madaleno, M. (2026). Factoring and performance: Evidence from Portuguese firms. Managerial Finance. Accepted.

Pinto, J. M., Coutinho dos Santos, M., & Matos, P. V. (2026). Governance of PPP infrastructure projects: a variable capital structure valuation approach. In C. O. Cruz & J. M. Sarmento (Eds.), The Elgar Companion to Transport Infrastructure Projects (Cap. 10). Edward Elgar. https://doi.org/10.4337/9781800374881

Pinto, J. M., & Coutinho dos Santos, M. (2026). Asset-based structured finance of infrastructure projects. In C. O. Cruz & J. M. Sarmento (Eds.), The Elgar Companion to Transport Infrastructure Projects (Cap. 11). Edward Elgar. https://doi.org/10.4337/9781800374881

6. Dissemination of results

No communications were submitted during this period.

7. Conferences and Seminars held at UAL

No specific seminars on this topic were held during that period.

Plan 2025/2026

1. Research Team

Miguel Cruz (coordinator); Mário Coutinho dos Santos; Jorge Mota; Victor Mendes; Bruno Maia; Rui Neves (UAL).

2. Projects to be developed and main objectives

– “Firm Financing Behavior Over the Life Cycle: Evidence from EU’s Non-Financial Corporate Sector” (Coutinho dos Santos, Pinto, Cruz, and Mota): patterns and determinants of the financing structure of EU companies throughout their life cycle, with data from 2011–2025.

– “The Anatomy of Conglomerate Investment: A Dual-Sensitivity Model of Cash Flow, Financial Slack, and Internal Capital Markets” (Coutinho dos Santos, Mendes, and Mota): dual-sensitivity model (ICFS/IFFS) of investment to cash flows and financial slack in internal capital markets; currently under peer review in an indexed international journal.

– Publication of “Factoring and performance: Evidence from Portuguese firms” (Silva, Mota, and Madaleno), accepted by Managerial Finance.
– “Teaching Mathematics for Business Economics with Interactive Computational Modelling” (Neves, Coutinho dos Santos and Maia): a problem-based teaching-learning approach that articulates real options analysis, risk analysis, and Monte Carlo simulation; presentation at the 2026 National Meeting of the Brazilian Mathematical Society.
Objectives: to publish the articles under review and accepted, to complete and submit the study on the life cycle of financing, and to disseminate the pedagogical approach of computational modeling.

3. Activities in partnership with national and/or foreign entities

J. M. Pinto (Portuguese Catholic University – Porto); University of Aveiro / GOVCOPP (Mara Madaleno); Portuguese Finance Network and ICAFI 2027, Aveiro (organizing and scientific committees, Jorge Mota).

4. Schedule

Sept. 2026: Presentation at the 2026 National Meeting of the Brazilian Mathematical Society (Bruno Maia).
Sept. 2026 – Aug. 2027: Review process of the article on conglomerate investment; publication of the article on factoring; development and submission of the article on lifecycle financing; one or two seminars in the CICEE Research Seminar Series (Mário Coutinho dos Santos).

2027: Portuguese Finance Network and 8th ICAFI, Aveiro (organizing committee and scientific committee, Jorge Mota).

Expected completion date: August 31, 2027.

5. Main results/expected outputs

One published article (Managerial Finance, forthcoming) and one article published or accepted in an indexed journal (conglomerate investment); one submitted article (finance lifecycle); one submitted educational article; one national communication; one or two CICEE seminars; participation in the organization of PFN 2027 and in the scientific committee of ICAFI 2027.