{"id":5040,"date":"2024-03-26T18:21:26","date_gmt":"2024-03-26T18:21:26","guid":{"rendered":"https:\/\/cicee.autonoma.pt\/linha-de-investigacao-1-sustentabilidade-ambiental-e-gestao-de-recursos-naturais-2-2\/"},"modified":"2026-09-28T21:18:15","modified_gmt":"2026-09-28T20:18:15","slug":"linha-de-investigacao-1-sustentabilidade-ambiental-e-gestao-de-recursos-naturais-2-2","status":"publish","type":"page","link":"https:\/\/cicee.autonoma.pt\/en\/linha-de-investigacao-1-sustentabilidade-ambiental-e-gestao-de-recursos-naturais-2-2\/","title":{"rendered":"LINE OF RESEARCH 3 – CORPORATE SECTOR FINANCING & INVESTMENT"},"content":{"rendered":"

3. CORPORATE SECTOR FINANCING & INVESTMENT<\/span><\/h1>\n
\n

Coordination: Miguel Cruz<\/span><\/p>\n<\/div>\n

\n

Report on Scientific Activities and Research Projects 2025\/2026<\/strong><\/h3>\n<\/div>\n
    \n
  • \n

    1.\tResearch Team<\/h3>\n
    \n

    Miguel Cruz (coordenador); M\u00e1rio Coutinho dos Santos; Jorge Mota; Victor Mendes; Bruno Maia; Rui Neves (UAL).<\/p>\n<\/div>\n<\/li>\n

  • \n

    2.\tParticipation of national and\/or foreign researchers or entities<\/h3>\n
    \n

    J. M. Pinto (Universidade Cat\u00f3lica Portuguesa \u2013 Porto); P. V. Matos; Aveiro University \/ GOVCOPP (Mara Madaleno, F. Silva).<\/p>\n<\/div>\n<\/li>\n

  • \n

    3.\tBrief description of the main work developed<\/h3>\n
    \n
    \n
    <\/div>\n

    <\/p>\n

    \n
    \n
    \n
    \n
    \n
    \n
    Report on Scientific Activities and Projects \u2013 Financing and governance of infrastructure projects in public-private partnerships: evaluation with variable capital structure and asset-based structured finance \u2014 two chapters in the Elgar Companion to Transport Infrastructure Projects.<\/span><\/span> \u2013 Factoring and performance of Portuguese companies (Managerial Finance, accepted), with Jorge Mota and Mara Madaleno.<\/span><\/span> \u2013 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).<\/span><\/span> \u2013 Financing behavior of companies throughout the life cycle, with data from EU companies 2011\u20132025 (in development).<\/span><\/span> \u2013 Teaching mathematics for business economics with interactive computational modeling \u2014 real options, risk analysis and Monte Carlo simulation (in development).<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

    <\/c-wiz><\/div>\n<\/p>\n<\/div>\n<\/li>\n

  • \n

    4.\tKey objectives achieved<\/h3>\n
    \n

    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.<\/p>\n<\/div>\n<\/li>\n

  • \n

    5.\tPublished works<\/h3>\n
    \n

    Silva, F., Mota, J. H., & Madaleno, M. (2026). Factoring and performance: Evidence from Portuguese firms. Managerial Finance<\/em>. Accepted.<\/p>\n

    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<\/em> (Cap. 10). Edward Elgar. https:\/\/doi.org\/10.4337\/9781800374881<\/p>\n

    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<\/em> (Cap. 11). Edward Elgar. https:\/\/doi.org\/10.4337\/9781800374881<\/p>\n<\/div>\n<\/li>\n

  • \n

    6.\tDissemination of results<\/h3>\n
    \n

    No communications were submitted during this period.<\/p>\n<\/div>\n<\/li>\n

  • \n

    7.\tConferences and Seminars held at UAL<\/h3>\n
    \n

    No specific seminars on this topic were held during that period.<\/p>\n<\/div>\n<\/li>\n<\/ul>\n

    \n

    \u00a0\u00a0<\/strong><\/h3>\n

    Plan 2025\/2026<\/strong><\/h3>\n<\/div>\n
      \n
    • \n

      1.\tResearch Team<\/h3>\n
      \n

      Miguel Cruz (coordinator); M\u00e1rio Coutinho dos Santos; Jorge Mota; Victor Mendes; Bruno Maia; Rui Neves (UAL).<\/p>\n<\/div>\n<\/li>\n

    • \n

      2.\tProjects to be developed and main objectives<\/h3>\n
      \n

      \u2013 \u201cFirm Financing Behavior Over the Life Cycle: Evidence from EU\u2019s Non-Financial Corporate Sector\u201d (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\u20132025.<\/p>\n

      \u2013 \u201cThe Anatomy of Conglomerate Investment: A Dual-Sensitivity Model of Cash Flow, Financial Slack, and Internal Capital Markets\u201d (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.<\/p>\n

      \u2013 Publication of \u201cFactoring and performance: Evidence from Portuguese firms\u201d (Silva, Mota, and Madaleno), accepted by Managerial Finance.
      \u2013 \u201cTeaching Mathematics for Business Economics with Interactive Computational Modelling\u201d (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.<\/p>\n<\/div>\n<\/li>\n

    • \n

      3.\tActivities in partnership with national and\/or foreign entities<\/h3>\n
      \n

      J. M. Pinto (Portuguese Catholic University \u2013 Porto); University of Aveiro \/ GOVCOPP (Mara Madaleno); Portuguese Finance Network and ICAFI 2027, Aveiro (organizing and scientific committees, Jorge Mota).<\/p>\n<\/div>\n<\/li>\n

    • \n

      4.\tSchedule<\/h3>\n
      \n

      Sept. 2026: Presentation at the 2026 National Meeting of the Brazilian Mathematical Society (Bruno Maia).
      Sept. 2026 \u2013 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 (M\u00e1rio Coutinho dos Santos).<\/p>\n

      2027: Portuguese Finance Network and 8th ICAFI, Aveiro (organizing committee and scientific committee, Jorge Mota).<\/p>\n

      Expected completion date: August 31, 2027.<\/p>\n<\/div>\n<\/li>\n

    • \n

      5.\tMain results\/expected outputs<\/h3>\n
      \n

      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.<\/p>\n<\/div>\n<\/li>\n<\/ul>\n


      \n<\/p>\n","protected":false},"excerpt":{"rendered":"

      3. CORPORATE SECTOR FINANCING & INVESTMENT Coordination: Miguel Cruz Report on Scientific Activities and Research Projects 2025\/2026 1. Research Team Miguel Cruz (coordenador); M\u00e1rio 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 Cat\u00f3lica Portuguesa \u2013 Porto); P. V. […]<\/p>\n","protected":false},"author":45,"featured_media":0,"parent":0,"menu_order":44,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"class_list":["post-5040","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/pages\/5040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/comments?post=5040"}],"version-history":[{"count":1,"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/pages\/5040\/revisions"}],"predecessor-version":[{"id":6223,"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/pages\/5040\/revisions\/6223"}],"wp:attachment":[{"href":"https:\/\/cicee.autonoma.pt\/en\/wp-json\/wp\/v2\/media?parent=5040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}