Este estudio analiza la relación entre la calidad de la información financiera (QFI) y la probabilidad de deterioro empresarial en el sector de fabricación de alimentos en la Unión Europea (UE), considerando determinantes internos como antigüedad, tamaño, liquidez, rentabilidad de los activos y nivel de endeudamiento, así como factores externos como el producto interior bruto y la tasa de desempleo. Se utiliza un modelo de regresión logística aplicado a un panel equilibrado de 335 grandes empresas del sector entre 2011 y 2021. La QFI se estima mediante devengos discrecionales basados en el modelo de Jones (1991), mientras que el deterioro empresarial se mide a través de fluctuaciones en las ventas. Los resultados muestran que una baja calidad de la información financiera, reflejada en mayores devengos discrecionales, se asocia positivamente con el declive corporativo. Esto resalta la importancia de la transparencia y la precisión de los informes financieros para la sostenibilidad empresarial. Asimismo, se evidencia que las prácticas de gestión de beneficios incrementan la vulnerabilidad de las empresas, lo que refuerza la necesidad de un mayor control regulatorio. El estudio sugiere fortalecer los requisitos de divulgación financiera para limitar estas prácticas y mejorar la asignación de recursos. Esta investigación contribuye a la escasa literatura sobre la relación entre la calidad de la información financiera y el deterioro empresarial, especialmente en el sector de la fabricación de alimentos, ofreciendo nuevas perspectivas sobre el impacto de la gestión de beneficios en el fracaso corporativo.

Purpose

This study investigates how functional and symbolic utilities at both product and brand levels influence perceived quality, price sensitivity, and purchase intention in sports footwear consumption among lower-middle-income Generation Z consumers in Brazil and Portugal, considering cultural and socioeconomic contexts.

Design/methodology/approach

A quantitative cross-national survey was conducted with 259 Generation Z consumers from Brazil and Portugal. Validated scales were used to measure functional and symbolic utilities, perceived quality, price sensitivity, and purchase intention. Data were analysed using multi-group Partial Least Squares Structural Equation Modelling (PLS-SEM), complemented by psychographic cluster analysis.

Findings

Value formation differs across contexts. In Brazil, functional utilities at both product and brand levels had a significant influence on perceived quality, suggesting a pragmatic consumption orientation. In Portugal, symbolic product utility played a more prominent role in shaping perceived quality. Price sensitivity was not directly associated with functional utility in either country, but it was positively associated with the symbolic utility of the brand in Brazil. Both perceived quality and price sensitivity were positively associated with purchase intention in both markets. Psychographic analysis identified six distinct consumer profiles in each country, with Brazilian consumers displaying stronger emotional brand engagement, while Portuguese consumers showed more utilitarian and sceptical orientations.

Practical implications

In Brazil, branding should emphasise functional performance and value for money. In Portugal, symbolic positioning and lifestyle alignment are more effective when supported by functional credibility.

Originality/value

This study contributes to sports marketing and consumer behaviour by demonstrating that value formation among Generation Z is segmented and context-dependent, rather than universal.

The travel and tourism industry has been characterised over the last decade by the use of robotics, virtual reality (VR), augmented reality (AR) and artificial intelligence (AI) (Leung, 2019; Rashid & Aziz, 2022; Roy & Pagaldiviti, 2023). This trend has been producing disruptive changes in tourism processes in this industry, which is expected to increase in the future (Bowen & Morosan, 2018; Tussyadiah, 2020). Therefore, understanding these impacts on customer experiences is crucial. Tour operators and travel agencies use VR and AR to offer virtual tours, allowing tourists to experience a destination before deciding to visit (Milton, 2023).

The collapse of Banco Espírito Santo (BES) in August 2014 marked one of the most significant banking crises in Portugal’s modern history and a critical early test of the European Union’s emerging resolution framework. Once the country’s second-largest private bank and the core of the Espírito Santo Group, BES had pursued an unsustainable growth strategy fueled by leverage, weak governance, and regulatory forbearance. Its implosion exposed not only long-standing structural fragilities in Portuguese banking but also the limits of European supervisory credibility. The resolution measure—splitting BES into a “good bank” (Novo Banco) and a “bad bank”—was intended as a model application of the new Bank Recovery and Resolution Directive (BRRD). Instead, it became mired in opacity, litigation, and socialized costs. This case underscores how managerial hubris, political opportunism, and weak regulatory institutions undermine resolution effectiveness and highlights the broader lessons for banking supervision in Europe.