Suchergebnisse

Le Portugal est un pays à vocation essentiellement vinicole: il occupe la 5ème place du rang de l'Union Européenne et la 9 ème place du rang mondial. Le vignoble s'étend par tout le territoire national, cultivé en petites parcelles (1,3 hectares, la moyenne) ayant 300 crus différents, quelques uns d'entre eux uniques au monde possédant d'innombrables potentialités pour la production de vins différenciés. Dû essentiellement au porto, le vin est le produit agricole portugais le plus exporté, la production nationale étant de 7 millions d'hectolitres et la consommation étant de 5 millions d'hectolitres. Cet article présente une radiographie globale du secteur, organisée au niveau de la filière et du complexe. Malgré les faiblesses actuelles, à l'aide d'opportunités stratégiquement maîtrisées, le secteur vinicole portugais pourra atteindre une forte compétitivité, dans une économie ouverte et globale.

Dependendo a competitividade de um país do valor e crescimento sustentado da produtividade das organizações económicas que integram a sua economia, para complemento da informação proporcionada por indicadores parciais de performance, é de grande importância conseguirse um indicador capaz de captar as fontes e aferir de forma sintética, objectiva e adequada a evolução da produtividade das unidades como um todo. Este indicador é o índice de produtividade total dos factores (PTF), susceptível de ser quantificado através dos números índices de Malmquist, Fischer ou Törnqvist, prestando-se neste texto especial atenção ao primeiro. O índice PTF de Malmquist é calculado com base em funções distância em relação à função fronteira, recorrendo, para a estimação desta, a métodos deterministas não paramétricos (DEA) ou a funções estocásticas paramétricas (AFE). Para ilustrarmos o processo de cálculo, aplicamos os dois métodos a um panel equilibrado de 26 explorações agrícolas localizadas no Planalto Mirandês para o período 1990-97.

In recent years the importance of corporate governance (CG) has rising new attention, as the 2008 financial crisis illustrates. Co-operative members, staff, regulators and others stakeholders involved in the co-operative banking business became aware of the need to strengthen co-operatives governance, since this is crucial to safeguarding sound management and, ultimately, to the survival and sustainability of these organizations. With their origins rooted in the 16th century, the Portuguese Agricultural Credit Co-operatives (CCAM) have been considered central players in the economic and social development of rural regions. The goal of this paper is to determine the impact of the different governance mechanisms of co-operative banks on control management, by analysing CCAM governance and assess its efficiency in disciplining management. Hence, using data from 1995-2009 period, and multinomial logit models, the relation between CCAM performance and several control mechanisms operating within the SICAM is analysed. The results show that overall internal governance mechanisms are not related to the CCAM performance, which indicates potential weakness of the CCAM internal control mechanisms. On the other hand, external governance mechanisms are related to CCAM operational and cost efficiency indicators, demonstrating the importance of these mechanisms in disciplining CCAM management. Moreover, the results highlight the value of the supervision task of Central CCAM in the performance of the associates. ; info:eu-repo/semantics/publishedVersion

In recent years the importance of corporate governance (CG) has rising new attention, as the 2008 financial crisis illustrates. Co-operative members, staff, regulators and others stakeholders involved in the co-operative banking business became aware of the need to strengthen co-operatives governance, since this is crucial to safeguarding sound management and, ultimately, to the survival and sustainability of these organizations. With their origins rooted in the 16th century, the Portuguese Agricultural Credit Co-operatives (CCAM) have been considered central players in the economic and social development of rural regions. The goal of this paper is to determine the impact of the different governance mechanisms of co-operative banks on control management, by analysing CCAM governance and assess its efficiency in disciplining management. Hence, using data from 1995-2009 period, and multinomial logit models, the relation between CCAM performance and several control mechanisms operating within the SICAM is analysed. The results show that overall internal governance mechanisms are not related to the CCAM performance, which indicates potential weakness of the CCAM internal control mechanisms. On the other hand, external governance mechanisms are related to CCAM operational and cost efficiency indicators, demonstrating the importance of these mechanisms in disciplining CCAM management. Moreover, the results highlight the value of the supervision task of Central CCAM in the performance of the associates.

Abstract**:  Over the last decade, increasing financial problems in the Portuguese Agricultural Credit Cooperatives (ACCs), mainly difficulty in gathering equity, have forced them to pursue an intensive merger activity. This paper describes the economic reasons that have led the ACCs to merge, and analyses the ex post merger impact on their economic performance. The results show that: (a) incorporating ACCs are larger, more profitable and hold a better credit management; (b) incorporated ACCs are smaller, face difficulties in reaching a minimum efficient scale and have weaker credit management as well as leverage problems; and (c) merged ACCs have a heavy administrative cost structure and also face profitability problems. Regarding the mergers' ex post impact on the ACCs performance, we find no positive influence on cost reduction, credit management and solvency ratio.

Over the last decade Portuguese Agricultural Credit Cooperatives (ACCs) have increasingly face survival challenges related to their difficulty in gathering equity. The main source of ACCs equity is the net benefit; thus, understanding how ACCs governance can work on correcting bad economic performance is of crucial importance to overcome this constraint. The main objective of this paper is to describe the governance control mechanisms in the ACCs. Five governance mechanisms are identified: board and chairman change (internal mechanisms), central ACC intervention by an agent or by management board replacement and merger. Empirical analysis proved that the internal governance mechanisms activity is not related to the ACC performance. Additionally: (a) ACCs with a central ACC agent and merged ACCs hold a weaker credit management and a heavy administrative costs structure and profitability problems; and (b) ACCs with a management board replacement by the central ACC hold a weaker credit management and present solvency problems.

Neste trabalho é avaliada a eficiência produtiva anual, perspectivada na óptica do custo, das caixas de crédito agrícola mútuo (CCAM) pertencentes ao sistema integrado de crédito agrícola mútuo (SICAM), através da utilização de uma fronteira custo estocástica. Para a estimação da eficiência produtiva global, ou eficiência custo, as CCAM são assumidas como empresas multiproduto que comercializam dois produtos, crédito e outras aplicações financeiras, cujo objectivo é a minimização do custo variável, que é igual à soma do dispêndio com a compra de três factores produtivos, depósitos, trabalho e outros materiais. Os índices de eficiência, calculados com base numa função custo translogarítmica previamente estimada, sugerem que o SICAM pode melhorar a sua "performance" económica se todas as CCAM operarem de forma tão eficiente como as observações de melhor prática. Para um aumento dos níveis de eficiência poderá contribuir uma evolução positiva do rácio activo líquido por trabalhador, do grau de conversão dos depósitos em crédito e da autonomia financeira.

This study analyses recent trends (2006-2018) in Port and Douro wine exports and estimates their macroeconomic determinants. The results of the gravity equation reveal that the purchasing power in importing countries is the most important export determinant of Port and Douro wines. Therefore, in order to increase exports, the strategic decision-makers concerned with the industry should pay special attention to the markets in wealthier countries or with a high potential for economic growth, taking into account issues such as market access, adaptation to the market to wine consumption, and regulation.

Cooperação interinstitucional, parcerias e redes são palavras-chave cada vez mais presentes nas dinâmicas de desenvolvimento de qualquer território ou sector de actividade. A cultura não foge a este quadro, embora não abundem exemplos de Redes Culturais em Portugal. Num âmbito mais regional e local, surgem as chamadas Redes de Programação Cultural, sendo a COMUM – Rede Cultural um dos poucos casos. Este trabalho debruça-se sobre a análise qualitativa de benefícios económicos e sociais resultantes da criação e consolidação da COMUM. Em termos de desenvolvimento económico, esta avaliação permitiu concluir por um efeito positivo sobre (a) o reforço da identidade e história colectiva da região, (b) a formação cultural individual, (c) a sociabilidade e (d) a formação de novos públicos, dentro de uma óptica de transferência de benefícios inter-geracionais e de um aproveitamento de infraestruturas culturais locais.

Agricultural markets are characterised by thinner margins, greater price and income volatility. Despite these changes, agricultural raw material markets are increasingly characterised by the vertical co‐ordination of farmers and processors. The organisational form of a marketing co‐operative is a common means adopted by farmers to achieve this end. In a world increasingly concerned with the importance of the separation of ownership and user, the survival and growth of agricultural co‐operatives (in which the primary users of the services are also the main owners) is linked to their economic role, to how members exercise their property rights, and how inputs are used by the co‐operative. This paper provides a function that summarises the economic role of agricultural co‐operatives and goes on to analyse the contribution to the economic performance of Portuguese wine co‐operatives (PWCs) made by the use of property rights, and the skills of the human resources and technology employed. The results of a multinomial logit model show that PWCs would indeed be able to improve their economic performance through the application of integrated management strategies to solve common property and horizon problems, as well as increasing their recruitment of skilled professionals in the areas of management, wine production and marketing, and by the adoption of new technologies of production and packaging.

Tal como sucede na maioria dos países desenvolvidos, em Portugal, mesmo em pequenos centros urbanos, a oferta de artes performativas tem vindo a aumentar, devido à construção de novas estruturas culturais públicas. O elemento crucial para a sobrevivência e alcance da missão das instituições culturais, em especial das mais recentes, reside na captação e manutenção de audiências. O principal objectivo deste artigo é indagar da influência de variáveis relacionadas com o perfil social e económico na presença e frequência de artes do espectáculo, tomando como exemplo o Teatro de Vila Real. Para o efeito são estimados modelos microeconométricos de escolha discreta. Os resultados indicam que um aumento da audiência de artes performativas está, sobretudo, relacionado com a elevação do nível educacional e a oferta de um serviço de proximidade.

PurposeThe purpose of this study is to investigate international trade determinants, paying special attention to variables related to climate change and non-tariff measures (NTMs), as they shape more and more world trade flows, with particular incidence on globalised goods, such as wine.Design/methodology/approachBased on panel data of Port wine exports to 60 countries, between 2006 and 2018, a gravity model has been estimated through Poisson pseudo-maximum likelihood. Explanatory variables include NTMs, mean temperature, temperature anomaly, gross domestic product (GDP), exchange rate, ad valorem equivalent tariffs and home bias.FindingsThe findings show that exports are inversely related to both mean temperature and temperature anomaly in importing countries. Regarding NTMs, it is found that only part of them are trade deterrent. Additionally, purchasing power in importing countries is one of the main determinants of Port wine exports.Research limitations/implicationsThe results show that, besides traditional economic variables, policymakers and wineries should include in their exports' decisions the impact of variables related to climate change and NTMs.Originality/valueThe novelty of this paper is to incorporate the impact of climatic variability of importing countries as a determinant of international trade of wine. Most former studies inspired of the gravity model consider explanatory variables such as GDP and exchange rate, and more recent ones started to consider NTMs too, however, this study may be the first paper to include the impact of climate change (quantified by mean temperature and temperature anomaly in importing countries) on exports.

Aim of study: this study aims to analyse how psychological factors related to the Covid-19 lockdown affected the frequency of wine consumption among Iberian consumers. Area of study: to achieve this goal, we used data collected from an online survey in Europe comprising 4489 observations from Portuguese and Spanish samples. Material and methods: Using an ordered probit model, we analysed the wine consumption frequency as a function of a set of explanatory variables related to psychological factors and also sociodemographic variables, motivation-related variables and consumption characterisation. Main results: for Spanish respondents the fear of isolation was a decisive factor in increasing the probability of a higher frequency of wine consumption. Meanwhile, in Portugal, the fear of an economic crisis was the psychological factor leading to a higher consumption frequency. Research highlights: in both countries, psychological factors influenced the frequency of wine consumption during the lockdown due to Covid-19. However, the impact of the Covid-19 crisis has been felt differently in Spain and Portugal. Differences can be observed in both psychological and behavioural attitudes that have influenced the frequency of wine consumption and could also indicate significant cultural differences. ; FEDER – Interreg SUDOE, VINCI – Wine, Innovation and International Competitiveness SOE3/P2/F0917; FCT – Portuguese Foundation for Science and Technology UIDB/SOC/04011/2020; Ministry of Science, Innovation and Universities, Spain ECO2017-86054-C3-2-R; PGC2018-095529-B-I00; European Social Fund and the Government of Aragon Research Group S55_20R

Purpose: this study aims to provide a better understanding of the behaviour of wine consumers in a completely new and unexpected setting, that is, a forced lockdown due to the COVID-19 pandemic. It seeks to explain consumer decisions and the probability of changes occurring in wine expenditure compared to a normal situation. Design/methodology/approach: the empirical analysis, conducted on a representative sample of Iberian consumers and based on the random utility theory, consists in the application of a multinomial logit model, setting the 'usual' pattern of expenditure as a baseline category. Findings: the results show that the coronavirus pandemic could have changed alcohol drinking habits. Consumers generally spent less on wine during the lockdown, maybe due to the uncertainty regarding their future income and professional situation. Those people more likely to spend more on wine were those who increased their wine consumption during the lockdown, those who drank for romantic purposes, those who purchased less wine in supermarkets but more online, those who used a wine app and those living in urban areas. The increased consumption of other alcoholic beverages also increases the probability of spending less than usual on wine. Additionally, the absence of certain reasons for drinking wine other than social purposes, such as wine and food pairing, its taste and relaxing effects, together with the previous consumption pattern leads to a decrease in the probability of spending less per bottle. Originality/value: This paper makes a significant contribution to the understanding of the determinants of wine consumption in a very abnormal setting, an imposed lockdown and provides important policy implications. The findings show that managers and policymakers should pay attention to the different influence of variables related to behaviour and consumption patterns that may contribute to an increase in the demand for less expensive wines. Specifically, they should focus on new consumption patterns that may arise, adapting the supply chain and defining appropriate marketing strategies to fill new market segments. ; Financial support from Ministerio de Economia y Competitividad ECO2017-86054-C3-2-R; CT – Portuguese Foundation for Science and Technology - UIDB/SOC/04011/2020 and FEDER – Interreg SUDOE, VINCI – Wine, Innovation and International Competitiveness - SA069G18; and partially funded by the ERDF-Interreg SUDOE Project SOE3/P2/F0917, VINCI (Wine, Innovation and International Competitiveness), the Ministry of Science and Innovation of the Spanish Government (project PGC2018-095529-B-I00) and by the Department of Science, Innovation and Universities of the Government of Aragon (Research Group S55_20R).