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O termalismo é uma atividade turística, que vem desde tempos imemoriais, e que é uma importante alavanca para o desenvolvimento de localidades de baixa densidade, diminuindo desta forma as assimetrias regionais. O objetivo deste estudo é caraterizar o perfil dos aquistas que frequentaram as termas de diferentes pontos em Portugal, em tempo de COVID-19, e os fatores preponderantes na escolha dos serviços termais. O estudo é de natureza quantitativa, tendo sido elaborado um inquérito, que analisou os fatores determinantes na escolha das termas em Portugal durante este período. Observou-se que os fatores preponderantes na escolha das termas são a qualidade das instalações e dos serviços, a procura de descanso, a melhoria da saúde e da qualidade de vida e a procura de socialização e cultura. Espera-se que este estudo contribua para evidenciar o perfil do aquista e as suas preferências, pelas diversas estâncias termais.

This work aims to verify, through an exploratory factor analysis, which are the determinants of the financial literacy of the Portuguese over 18 years old. The quantitative method is used, by using a questionnaire survey, and 839 surveys were obtained. It is observed that the factors resulting from the exploratory factor analysis are: (1) planning and financial goals to 1-2 years, (2) long-term savings and (3) the taste for numerical calculation. We analyse the statistically significant differences between means regarding gender, school education, the existence of household budgets and age. It is concluded that it is important to obtain some financial training at the beginning and throughout life, to better be able to make the financial family planning, to make applications with better return and to reduce the financial risk of the family. It is concluded that the closer to the retirement age, the more people tend to save, since during retirement income usually decreases.

The purpose of this article is to study risk management planning and risk management in Portuguese companies. The methodology used is of a quantitative nature, based on a questionnaire survey that analyzes the risk management planning and risk management of 1647 Portuguese companies from different sectors of activity. The results allow us to conclude that the aspects that most manifest themselves in the perceptions of risk management planning are having a management plan that includes the relationship with customers, suppliers, and employees, as well as an updated security plan. This study intends to contribute to academic knowledge and for companies to know and master the concepts of risk management planning and risk management in its different aspects, helping the adoption of strategies to better plan risk management. The results make it possible to understand the differences in planning and risk management between larger and smaller companies, between older and younger companies, and between family and non-family companies. These results can contribute to increasing corporate sustainability and improving performance in planning and managing corporate risks.

PurposeRisk is part of corporate activity and a consequence of the businesses' demands, the market and the changes in companies and their surroundings. The way that risk is managed is different between family and non-family businesses. The paper aims to compare the different risk types experienced in the context of the coronavirus disease (COVID-19) pandemic among family and non-family businesses and to analyze whether operational, legal, strategic and image risks influence financial risks.Design/methodology/approachThe nature of the study is quantitative and based on a questionnaire survey that analyses the perception of risks by 1,090 family businesses and 557 non-family businesses.FindingsThe results show the existence of statistically significant differences in the perception of financial and legal risks between family and non-family businesses, where the former being the businesses that give more importance to these risks. The perception of operational, legal, strategic and image risks have a positive influence on the perception of financial risk in family and non-family businesses.Originality/valueThe results obtained in the study are important because they allow an understanding about the differences in risk management between family and non-family businesses, which can lead to greater corporate sustainability and increased financial performance.

PurposeThe purpose of this study is to identify the profile of the Portuguese regarding the perception of financial literacy.Design/methodology/approachThe utilized methodology is based on a questionnaire survey that assesses the perception of financial literacy. The sample is composed of 830 Portuguese individuals over 18 years old.FindingsThe results show that the financial literacy scale presents a tri-factor structure with adequate validity and reliability levels. The three obtained factors are designated 1-2-year financial planning and goals, long-term saving and taste for numeric calculations.Originality/valueThe originality in this study is shown in the application of the cluster analysis, which demonstrates the formation of three clusters that present different perceptions of financial literacy, classifying the Portuguese into a cluster of high financial literacy and taste for numeric calculation, a cluster of low financial literacy and a cluster of financial planning and saving but without the taste for numeric calculation.

Purpose The COVID-19 pandemic has spread rapidly around the world and Portugal is no exception. Positive and negative effects are extremely important in individual's life experiences and in particular in the context of the quarantine, in which it is important to maintain the balance between favorable and unfavorable situations. The purpose of this paper is to study in depth the intensity of the affect during the COVID-19 pandemic in Portugal and to validate a scale of positive and negative affect in the context of quarantine and confinement. Design/methodology/approach The methodology used is of a quantitative nature, based on a questionnaire survey to measure the intensity of the affects and to analyze some sociodemographic variables. The sample consists of 726 individuals of age 18 years or older, who were in Portugal during the quarantine of the COVID-19 pandemic. Findings The results show that respondents were concerned, anxious, well-disposed and impatient. Exploratory and confirmatory factor analysis applied to affects produced a latent structure with two factors: negative affect and positive affect. The affect scale has adequate convergent and discriminant validity and good internal consistency, with negative affect being experienced by individuals with greater intensity compared to positive affect. Originality/value It is hoped that this study contributes to an increase in the scientific knowledge in the field of the affects in the context of delicate situations such as the pandemic COVID-19 so that health professionals can intervene to improve individual’s well-being. This is an important way to provide better health policy that considers in more depth individual wellbeing and emotions during times of crisis. Limitations and suggestions for future research are also stated that highlight the importance of understanding emotional states of individuals during crisis events.

It is important to study and to know the determining factors of the housing purchase business, as this is often the greatest business deal in a family’s life. The purpose of this study is to identify the profile of the Portuguese regarding the determining factors when searching for apartments to acquire. The methodology used is based on a questionnaire that analyzes the determining factors in the choice of apartments to acquire and the sociodemographic profile of Portuguese people looking for an apartment. The sample consisted of 646 individuals who were looking for an apartment in different regions of Continental Portugal. The determining factors in the choice of apartments have quite adequate levels of validity and reliability, and four dimensions are obtained: negative externalities, positive externalities, a business located on the ground floor and rational interest in proximity to public services. Cluster analysis results show the formation of five clusters, classifying individuals into a generic cluster, urban business cluster, urban services cluster, urban citizens cluster and elitist cluster. This study is expected to contribute to increasing scientific knowledge on the topic and to help real estate developers better match their clients’ preferences.

PurposeThis work aims to characterize the risks companies deal with in the context of a pandemic, and to ascertain which risk type is most present in Portuguese organizations. It is also intended to verify whether there are differences in the various risk types between companies that had or did not have a plan or strategy to act in a pandemic, such as the one caused by COVID-19.Design/methodology/approachA quantitative methodology was used, based on the application of a questionnaire survey targeting the Portuguese companies. The sample is composed of 1,647 Portuguese companies, which were queried through a questionnaire survey that analyses different risk types. Then, the software R was used to treat the results.FindingsThe results show that companies are exposed and vulnerable to uncertain events, and five risk types were formed: legal, image, financial, strategic and operational. There is a bigger concern about the management of financial risks.Practical implicationsAcademics and companies can become more aware and master the concept of risk and its different branches, which consequently favours the adoption of strategies to better manage and plan risk.Originality/valueThe literature on international businesses and their risks assumes that all crises are the same. However, the COVID-19 pandemic, besides causing a recession, obliges people and companies to adapt to a new scenario. Risks become more important to companies, in a way that had not been academically studied.

The hostel market urgently needs to reinvent itself and define strategies to increase its revenue, providing safety to its guests during the COVID‐19 pandemic. In the trip's planning, the results show that individuals attribute high levels of importance to cuisine, local wines and to meeting new people. The social networks of the different places to visit are the least utilized means to plan what to do during their stay in Oporto. Static street advertising and leaving the hostel to go outside are much more important to hostel customers. The most notable attractions are the Ribeira and the bridges over the river Douro.

The COVID-19 pandemic is the biggest problem facing the world nowadays Each country in the world has its own characteristics, which means that its governments, at different rhythms, adopt identical measures to combat this new virus This article aims to perform a comparative study between countries with a population similar to the Portuguese in number of inhabitants and to find out which factors may explain the numbers registered with the COVID-19 pandemic The results show that the countries that carried out more population tests have higher values in tourism, security, innovation, competitiveness, and GDP per capita indicators There is a significant and positive relationship between temperature and the daily cases of COVID-19 infections The results found contribute to a greater knowledge of the behavior of this disease according to the characteristics of each country, making it useful for international business managers to compare and contrast different country environmental conditions in order to define alternative strategies to overcome this great period of disturbance more quickly © 2020 Wiley Periodicals LLC

A presente investigação tem como objetivo analisar o consumo estimado pelos portugueses na época de Natal. O Natal transporta em si uma contradição, por ser considerado um feriado religioso mas também uma das ocasiões mais consumistas e lucrativas para o mundo cristão. Utilizou-se uma metodologia quantitativa baseada num questionário, onde os inquiridos, para além de responderem a um conjunto de questões de índole sociodemográfica, indicaram com quem passariam a festividade. Indicaram também o valor a gastar em presentes para oferecer e em bens de consumo na época de Natal. A amostra é constituída por 1.077 indivíduos portugueses, maiores de 18 anos. Os resultados demonstram que esses indivíduos estimam gastar mais em presentes para oferecer do que em bens de consumo. Verifica-se também que o consumo estimado para essa época do ano aumenta com a idade, com o número de elementos do agregado familiar, com o nível de escolaridade e com o rendimento mensal do agregado familiar. Os indivíduos que estimam gastar mais na época de Natal são: homens; os que têm religião; os que possuem familiar direto com menos de 16 anos; e os que são casados ou vivem em união de fato. O estudo ajuda a perceber as motivações do consumo na época natalina e a sua importância no desenvolvimento econômico. Espera-se que este estudo venha a contribuir para desvendar o espírito de Natal e expor o simbolismo presente nas variadas manifestações sociais e culturais da sociedade.

This article has as main objective to identify and study the characteristics of university residences most valued by the students. The study is carried out in the university residences of an University, in Portugal, for a sample of 342 students being found statistically significant differences in preferences according to gender and the location of the residence outside or inside the university campus. Factor analysis reveals six determinants of student preference: the unique experience and living provided, interior and location amenities, academic performance, environmental awareness, safety, and social relationships. Fundamentally, it is observed that students prefer a residence near to the university and academic spaces and also close to the local markets.

This study aims to propose and validate a financial literacy perception scale for the Portuguese population. The utilized methodology was quantitative, based on a two-part questionnaire survey. The first part studies the sociodemographic profile and the second part evaluates the respondent's perception of financial literacy. The sample consisted of 830 Portuguese individuals, over 18 years old. The main results of this study demonstrate that the financial literacy perception scale presents a tri-factorial structure with satisfactory validity and reliability levels. The three obtained factors are 1-2 years financial planning and goals, long term savings and an affinity for numerical calculation. This study contributes to the increase of scientific knowledge in the field of financial literacy, to the assistance of financial education policymakers in the reformulation of their policies and to the creation of tools to help consumer financial behavior.JEL Codes - G02; G11; G20

This article aims to analyze a conceptual model composed of the variables motivation to buy, motivation to offer gifts and compulsive consumerism at Christmas time. In order to achieve the proposed objective, a quantitative methodology based on a questionnaire survey was used. The sample consists of 1086 Portuguese individuals, over 18 years old. To evaluate the model, structural equation modeling with partial least squares was used. The results show that the motivations to buy and to offer gifts positively influence compulsive consumerism at Christmas time, and that the motivation to buy positively influences the motivation to offer gifts at Christmas time. The model also demonstrates that the motivation to offer gifts plays a mediating role in the relationship between the motivation to buy and compulsive consumerism. In Portugal there are no known studies on the motivations for offering gifts at Christmas. The present study can help academics, researchers and professionals (managers of consumer goods companies, commercial managers and advertising campaign managers) to better understand the motivations for buying and offering gifts, and the compulsive consumerism of the Portuguese population at Christmas time. JEL Codes - M20; M21; M31

The motivation to compare the importance that buyers and sellers give to the diverse characteristics of apartments is its pertinency to grasping the housing market. The objective of this article is to compare the determining factors in the choice and sale of apartments among the potential buyers and sellers. During a sale, the realtors exhibit the dwellings’ positive characteristics, the so-called amenities. The homebuyers must analyse the deal in a rational and well-weighed way, striving to know its characteristics to reduce the information asymmetry. The study focuses on two distinct samples, with the common goal of transacting housing. One of the samples is composed of individuals who are looking for apartments, and the other one of individuals who are selling apartments, both being collected in mainland Portugal. It was verified that there are statistically significant differences between buyers and sellers. Buyers give more importance to certain rooms and the inexistence of negative externalities near their future residence. Sellers emphasise positive externalities and parking spots. This study is expected to contribute to the increase in scientific knowledge on the housing market and to the decrease of the information asymmetry between sellers and buyers. Knowing the importance that buyers and sellers give to the main different factors in the Portuguese real estate market constitutes an advancement of knowledge in this area.

RESUMO 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 perigos e antecipam situações críticas nas empresas. Verifica-se que os rácios que demonstram maior poder de previsão são o endividamento, a solvabilidade, a rendibilidade do capital próprio, a rendibilidade do ativo e a autonomia financeira. Relativamente às variáveis não financeiras, conclui-se que a exportação e o número de funcionários são determinantes na previsão de falência de uma empresa do setor da construção. Este artigo contribui para a literatura, pois apresenta variáveis não financeiras como determinantes na previsão de falência no setor da construção civil em Portugal. RESUMEN El presente trabajo tiene como objetivo encontrar las variables financieras y no financieras estadísticamente relevantes para la previsión de quiebra de las empresas del sector de la construcción civil. Los modelos logit y probit previsionales de quiebra se convirtieron en instrumentos útiles y eficaces en la verificación de las variables financieras que señalan mayores peligros y anticipan situaciones críticas en las empresas. Se observa que los ratios que demuestran mayor poder de previsión son el endeudamiento, la solvencia, la rentabilidad del capital, la rentabilidad del activo y la autonomía financiera. En cuanto a las variables no financieras, se concluye que la exportación y el número de funcionarios son determinantes en la previsión de quiebra de una empresa del sector de la construcción. El artículo contribuye a la literatura, pues presenta variables no financieras como determinantes en la previsión de quiebra en el sector de la construcción civil en Portugal. ABSTRACT This paper is aimed to identify statistically relevant financial and non-financial variables for bankruptcy prediction in civil construction firms. Logit and probit bankruptcy prediction models became useful and effective instruments in the verification of financial variables that indicate greater risks and anticipate critical situations for companies. Results show that the ratios with the greatest predictive power are indebtedness, solvency, capital profitability, asset profitability and financial autonomy. As for non-financial variables, exports and the number of employees are determinants in the bankruptcy forecast of a company within the construction sector. This work's contribution to related literature is the presentation of non-financial variables as determinants in bankruptcy prediction within the Portuguese civil construction sector. RESUME L'objectif de ce document est de rechercher les variables financières et non financières statistiquement pertinentes pour les prévisions de faillite des entreprises du secteur de la construction civile. Les modèles de faillite logit et probit sont devenus des instruments utiles et efficaces pour la vérification des variables financières qui indiquent des dangers plus importants et anticipent les situations critiques dans les entreprises. On peut constater que les ratios qui montrent le plus grand pouvoir prédictif sont l'endettement, la solvabilité, la rentabilité du capital, la rentabilité des actifs et l'autonomie financière. En ce qui concerne les variables non financières, on conclut que l'exportation et le nombre de fonctionnaires sont des facteurs déterminants dans les prévisions de faillite d'une entreprise du secteur de la construction. L'article contribue à la littérature car il présente les variables non financières comme des facteurs déterminants dans les prévisions de faillite dans le secteur de la construction civile au Portugal.

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 posteriormente recorreu-se à Análise de Componentes Principais da Análise Fatorial (ACPAF) de onde se identificaram dois factores responsáveis por 68,352% da variância total explicada na Análise fatorial: a importância da utilização da Internet e do seu acesso e a facilidade de utilização dos meios digitais. O objetivo principal deste artigo é o de contribuir com sugestões que visam incentivar a utilização dos canais remotos, para que o serviço de Internet Banking seja o canal preferencial de comunicação entre bancos e clientes, em detrimento da presença física destes nos balcões. Os resultados evidenciam que os bancos devem apostar numa maior promoção da utilização do Internet Banking, pois existe um mercado recetivo a tal. La banca electrónica es un vehículo fundamental para comunicar con los clientes, promoviendo una mayor eficiencia y rapidez en la realización de una amplia gama de operaciones. En el presente artículo se analizaron 395 respuestas de una encuesta realizada a clientes bancarios angoleños. Se empieza con un análisis descriptivo de los resultados y posteriormente se utilizó el Análisis de Componentes Principales del Análisis Factorial (ACPAF), a partir del cual se identificaron dos factores responsables del 68,352% de la varianza total explicada en el Análisis Factorial: la importancia de utilizar el Internet y su acceso y facilidad de uso de los medios digitales. El propósito principal de este estudio es aportar sugerencias que tengan como objetivo incentivar el uso de canales remotos, para que el servicio de Banca por Internet sea el canal de comunicación preferido entre bancos y clientes, en detrimento de su presencia física en las sucursales. Los resultados evidencian que los bancos deberían hacer una mayor promoción del uso de Banca por Internet, ya que existe un mercado receptivo para ello. Electronic banking constitutes one of the main vehicle of communication with clients, promoting a greater efficiency and speed in a large set of operations. This study analyzes a total of 395 responses from a survey of bank customers. A descriptive analysis of the results was performed and the Factor Analysis Main Components Analysis was subsequently used to identify two factors responsible for 68,35% of the total variance explained in factor analysis: the importance of using the Internet and its access and ease of using of digital media. The main aim of this paper is to contribute with suggestions to encourage the use of remote channels, so that the Internet Banking service is the preferred channel of communication between banks and customers, to the detriment of their physical presence at the branches. The results evidence that banks should make a greater promotion of the use of Internet Banking, as there is a receptive market for that.

A digital transformation in the world, the purchase of products, or possible services, is just a click away through e-commerce. The online consumer is increasingly knowledgeable and demanding. That’s why in online shopping it is important to maintain the good relationship between the company and the customer. This investigation aims to study the importance of the e-commerce in the context of a COVID-19 pandemic and relationship with customers. In terms of methodology, the questionnaire was used, with the sample consisting of 306 individuals who shopped online at least once. The results show that, since the quarantine of the COVID-19 pandemic, most of the individuals have started to use e-commerce more often. Data also show a positive and significant relationship between the dimensions of the e-commerce scale and the relationship with customers. It is expected that this study will contribute to the increase in the scientific knowledge of retailers, and a better identification of products purchased online, the type of actions valued by consumers, as well as the relationship of customers with the e-commerce. This knowledge can be essential for the definition and the implementation of policies and management strategies for the e-commerce platforms that enhance better organizational results.

The purpose of this investigation is to study the Christmas symbology importance and its relationship with consumerism in the Christmas season. An exploratory study is carried out, and it is based on a questionnaire survey consisting of three parts: estimated consumption in the Christmas season, the importance of the Christmas symbology and some sociodemographic variables. The sample in this study is composed of 1086 Portuguese individuals, who are over 18 years old. The results show that the variable Christmas symbology presents good reliability and a structure with three factors: Christmas season Ornaments, Prosperity and Abundance, and Nativity and History of Jesus. The Christmas tree, the Christmas lights and the nativity of Jesus are the symbols to which people grant higher levels of importance. The greater the importance given to Christmas symbols, the greater the estimated consumption value in the Christmas season, while the factor Nativity and History of Jesus is the one which contributes the most to consumerism. This chapter develops a comprehensive study that is expected to contribute to understand the Christmas symbology importance for the Portuguese population and its relationship with consumerism. This chapter explores an area in which there are few studies, because it is not only about the Christmas symbology importance but also about its relationship with consumerism in the Christmas season. The different symbols which characterize this season are filled with stories and meaning, giving the people’s lives importance. Therefore, this study is both groundbreaking and relevant for the Portuguese population.

Buying housing is often the biggest transaction in the families’ lives. Therefore, this is an important reason to know and to study the determining factors of that purchase. This chapter aims to analyze which factors contribute to the choice of apartments in Portugal the most. To carry out this study, a quantitative methodology based on a questionnaire survey which analyzes both the determining factors in the choice of apartments and the sociodemographic profile was used. The sample is composed of 646 individuals who were looking for an apartment in different regions of mainland Portugal. The results show that the determining factors scale in the choice of apartments presents largely adequate levels of validity and reliability, being composed of four factors: negative externalities, positive externalities, businesses located on the ground floor, and rational interest in proximity to public services. The results also identify that the positive externalities contribute significantly to the apartment’s choice. In Portugal, there is no study with this depth about this subject. The validation of an assessment scale of determining factors in the choice of apartments in the Portuguese real estate market is ground-breaking. This study is expected to contribute to the expansion of scientific knowledge in this theme and to help real estate developers meet their customers’ preferences.

PurposeThe purpose of this article is to analyze the experiences experienced during the COVID-19 pandemic quarantine, based on an experimental marketing perspective and to validate a scale of experiences for the quarantine context.Design/methodology/approachThe life of a human being is a sum of the experiences that occur in their daily life, from experiences at home, to experiences at work, shopping, holidays and, essentially, with other human beings. However, experiences during the quarantine period became limited to experiences at home. For this, we used a questionnaire survey that analyzes the experiences experienced by individuals. The sample consists of 726 individuals who were in Portugal during the quarantine and confinement period.FindingsThe results show that the exploratory and confirmatory factor analysis produced a structure with four factors that the authors called Sense and Feel, Pandemic Feel, Pandemic Think and Act. The experiences are manifested with greater intensity in the factors Pandemic Think and Sense and Feel. The scale of experiences used showed to have convergent and discriminant validity and adequate internal consistency. It is expected that the present study will contribute to increase scientific knowledge in the behavioral area and in the area of positive psychology in the context of pandemic and confinement situations.Originality/valueThe results achieved become useful for health and marketing professionals, which allow them to define appropriate strategies to better serve the population in order to improve people's health, well-being and quality of life.

EnglishThis paperaims to carry out a study about the tools and techniques used by the Savings and Credit Bank in the analysis and evaluation of investment projects of its borrowers. In order to achieve this objective, a comparison between its decision-making processes andthe ones presented in the scientific literature was carried out, to be able to understand the problem of credit risk and bad credit standing of the bank. The investigation concludes that because it is a public bank, it is forced to support projects that would otherwise not be accepted. It has also been found that a portion of the credit in default of the bank originates in clients liable for services rendered to the State, lacking the bank to demand the proper guarantees or the application of credit insurance. It is concluded that the bank problem relates to those arising from asymmetric information, namely adverse selection and moral risk portuguesEste trabalho tem como objetivo realizar um estudo sobre as ferramentas e tecnicas usadas pelo Banco de Poupanca e Credito na analise e avaliacao de projetos de investimento dos seus mutuarios. Para a prossecucao deste objetivo fez-se a comparacao dos seus processos de decisao em relacao aos apresentados na literatura cientifica, de modo acompreender a problematica do risco de credito e do credito mal parado do banco. A investigacao conclui que por se tratar de um banco publico, este ve-se forcado a apoiar projetos que de outra forma nao seriam aceites. Tambem se verificou que uma parte do credito em incumprimento do banco tem origem em clientes alanacados por servicos prestados ao Estado, faltando ao banco exigir as devidas garantias reais ou a aplicacao de seguros de credito. Conclui-se que o problema do banco identifica-se com os decorrentes da informacao assimetrica, nomeadamente a selecao adversa e o risco moral.

Este trabalho tem como objetivo, fazer uma caracterização do setor imobiliário residencial em Portugal entre o ano de 2000 e de 2013, designadamente o mercado de apartamentos nas tipologias T2 e T3. O estudo de caso é a abordagem metodológica utilizada neste artigo, o que permite compreender, explorar e descrever os acontecimentos do tema em estudo. É feita uma análise à evolução dos preços médios de avaliação bancária em Portugal Continental para estas tipologias, observando-se comparativamente as áreas metropolitanas de Lisboa, Porto, as Regiões Norte, Centro, Alentejo e Algarve. Quanto ao enquadramento do mercado, são relacionados os valores e evolução da avaliação bancária com alguns indicadores pertinentes a instigarem uma volatilidade na avaliação, tais como a evolução da taxa de juro, crédito às famílias, índice de confiança dos portugueses, investimento direto estrangeiro na habitação, entre outros, considerados como instrumentos essenciais de diferenciação ante o mercado. Apresenta-se uma conclusão sobre a evolução deste mercado em Portugal.

The main goal of this paper is to analyse the flexibility and applicability of urban sustainability assessment methodologies, and propose an approach for the sustainable assessment of urban areas, also focused on mobility. Current high importance of urban sustainability, considering its constantly evolving, associated with a growing environmental awareness of the population, results on the need to reevaluate the current management systems for sustainability of urban centers, trying to give them a larger organization and efficiency, associated with a low socio-economic impact. Different sustainability assessment methodologies were analysed and it was concluded that have to be complemented to have a more balanced distribution of its indicators among the different sustainability dimensions. Based on literature review, four sustainable dimensions were considered in this study: environmental, social, economic and cultural that includes specific indicators for urban mobility. A new proposal of an indicators system for urban sustainability assessment was proposed. A balanced distribution of the indicators within the four dimensions and a more flexible and suitable indicators were obtained.

EnglishThe aim of this paper is to research the determinants of cash flows resulting from operating, investment and financing activities. Considering the period from 2010 to 2015, it is collected data from the SABI database regarding food companies in Portugal and applied a panel data methodology. The results evidence that sales are positively related to operating cash flows but negatively related to cash flows from investing and financing activities. It is also found thatequity is positively related to the cash flows from investment activities but negatively related to financing activities’ cash flows. Current and non-current liabilities are also negatively related to cash flows from investing activities. This study contributes to the understanding of the cash flows’ determinants thus helping managers to infer which decisions may have positive or negative impacts on their firms’ cash flows. portuguesO objetivo deste artigo e 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 periodo de 2010 a 2015, e foi aplicado o Metodo dos Dados em Painel. Verificou-se que as vendas estao positivamente relacionadas com os fluxos de caixa operacionais e negativamente relacionados com os fluxos de caixa das atividades de investimento e financiamento. Apurou-se que o capital proprio esta positivamente relacionado com o fluxo de caixa das atividades de investimento e negativamente relacionado com as atividades de financiamento. Os passivos correntes e nao corrente tambem estao negativamente relacionados com os fluxos de caixa das atividades de investimento. Este estudo contribui para a compreensao dos fatores determinantes dos fluxos de caixa e assim permite auxiliar os gestores na tomada de decisoes que possam ter impactos positivos e negativos nos fluxos de caixa.

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 de desenvolvimento sustentável e procurando o melhoramento da qualidade de vida das populações locais. Dos resultados obtidos através de 300 respostas ao inquérito, pode-se concluir que este produto turístico pode ser integrado num plano estratégico para o desenvolvimento da região e constituir um fator chave para a captação de investimento.

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 no estudo do impacto direto da administração de tesouraria na redução dos déficits municipais portugueses. A prática de uma administração de tesouraria eficiente, recorrendo a boas políticas de financiamento, à redução de tempos médios de pagamento e das dívidas a fornecedores, resulta na melhoria da liquidez e da capacidade de assumir e satisfazer compromissos, contribuindo para o melhoramento da situação municipal global. A análise da situação orçamental dos municípios portugueses revela situações díspares, embora globalmente, no quadriénio analisado, se verifique uma correção dos desequilíbrios. The application of the Economic and Financial Assistance Program in 2011-2014 created the need to ensure compliance with the budgetary targets, making monitoring the budget and public deficits critical elements involved in the process. In that context, Municipal debt control becomes a fundamental part of that consolidation. This paper is based on the study of the direct impact of cash management in reducing Portuguese municipal deficits. The practice of an efficient cash management through good funding policies, reduction of average time for payment and debts to suppliers resulting in an improved liquidity and ability to meet obligations, contributing to an overall improvement in the municipal situation. The analysis of the budgetary situation of Portuguese municipalities reveals different situations, albeit globally, in the four year period under analysis, there is a correction of the unbalances. La aplicación del Programa de Asistencia Económica y Financiera en el período de 2011 hasta 2014 ha impuesto la necesidad de garantizar el cumplimiento de los objetivos presupuestarios, por lo que el control de la ejecución presupuestaria y los elementos con deficit públicos es crítico. El control de la deuda municipal es un componente clave de esta consolidación. Este artículo se basa en el estudio del impacto directo de la gestión de efectivo en la reducción de los déficits municipales portugueses. La práctica de la gestión del efectivo eficientes, el uso de buenas políticas de financiación, la reducción del tiempo medio de pago y las deudas a los proveedores, resulta en una mejora de la liquidez y la capacidad de asumir y cumplir con los compromisos, lo que contribuye a una mejora en la situación municipal global. El análisis de la situación fiscal de los municipios portugueses revela situaciones diferentes, pero en general, el período de cuatro años analizados, no ser una corrección de los desequilibrios.