Percorrer por autor "Nunes, Alexandre Morais"
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- Comprehensive quantitative evaluation of municipal budget allocation efficiency: the Portuguese casePublication . Moraes e Soares, Ricardo de; Nunes, Alexandre Morais; HELIODORO, PAULA; Kaizeler, Ana Catarina; Martins, VandaThe study provides a comprehensive quantitative evaluation of municipal budget allocation efficiency in Portugal over the period 2018–2022, based on a comparative and longitudinal analysis of financial data from 308 municipalities. Efficiency was assessed by examining the alignment between budget forecasts and actual financial execution. The results show that 77.6% of municipalities (n = 239) were classified as efficient in 2018, increasing to 82.1% (n = 253) in 2019 and 83.1% (n = 256) in 2020. However, a downward trend followed, with efficiency declining to 74.0% (n = 228) in 2021 and 73.7% (n = 227) in 2022. Over the five-year period, the average efficiency rate across all municipalities was 78.1%. In contrast, 21.9% of municipalities on average (ranging from 16.9% to 26.3%) consistently demonstrated inefficiencies in budget preparation and execution. The study identifies key contributing factors to inefficiency, including political interference, reliance on incremental budgeting approaches, and limited technical forecasting capacity. The data reveal persistent discrepancies between budgeted allocations and actual service demand, leading to resource misallocation and reduced fiscal credibility. Statistical patterns also indicate that municipalities with higher population densities and more diversified revenue sources tended to perform better in efficiency metrics. The findings support the conclusion that the adoption of rigorous, data-driven forecasting methodologies significantly improves financial planning outcomes and institutional trust. These results offer evidence-based recommendations for refining municipal financial management practices, particularly in settings subject to political and economic volatility.
- Fiscalidade ao Serviço da Saúde Pública: A Experiência na Tributação das Bebidas Açucaradas em PortugalPublication . Goiana-da-Silva, Francisco; Nunes, Alexandre Morais; Miraldo, Marisa; Bento, Alexandra; Breda, João; Araújo, Fernando Ferreira
- Impact of research and development expenses on the profitability of assets: the case of textile and clothing industry in PortugalPublication . Moraes e Soares, Ricardo; Nunes, Alexandre Morais; Heliodoro, Paula; Martins, VandaThe study aims to examine the financial efficiency of the textile and clothing industries in Portugal using official statistical data. The main objective is to assess the relation- ship between spending on research and development and return on assets. The study analyzes the performance of various subsectors of the textile and clothing industries, presenting the relationship between investments in research and development and the operating return on assets over various economic periods. The study adopted data envelopment analysis, classifying decision-making units based on average efficiency levels. The results highlight sectors of manufacture of textiles for technical and indus- trial use, manufacture of other textiles, production of outerwear, and manufacture of workwear as the most efficient. In contrast, sectors of manufacture of clothing and accessories, manufacture of knitwear, and leather clothing show lower levels of effi- ciency. From 2003 to 2022, the textile industry exhibited the highest levels of financial efficiency, with an above-average ratio between spending on research and development and return on assets. However, sectors of knitwear manufacturing and textile finishing have maintained a more or less constant level of financial efficiency. The analysis high- lights the need for targeted interventions to increase the financial efficiency of different subsectors within the textile and clothing industries. It is evident that there are varying levels of financial efficiency across these sectors, and the need for benchmarking peri- ods can help identify areas for improvement and set achievable goals.
- Measuring ESG adoption in investment funds: Evidence from the Portuguese asset management sectorSoares, Ricardo de Moraes e; Nunes, Alexandre Morais; Kaiseler, Ana Catarina; Gariso, Clara SimõesThe article observes the evolution of ESG adoption in Portuguese investment funds during the period 2021–2024 in the context of the strengthening of the European Union’s regulatory framework. The objective was to measure the degree of adoption of the principles, the institutional asymmetries, and the temporal dynamics induced by regulation. The study focused on four fund management companies, representing a total of 259 active funds, and employed a composite indicator on a discrete scale [0.3], defined on the basis of five ESG sub-dimensions. A structured content analysis and descriptive statistics were conducted, allowing an assessment of the mean, median, absolute and relative dispersion, skewness, and kurtosis of the distributions. The results suggest a continuous growth of the average indicator, from 0.75 in 2021 to 2.20 in 2024, accompanied by an increase in the median from 0.80 to 2.70. The standard deviation increased from 0.36 to 0.93, reflecting a greater absolute heterogeneity, while the coefficient of variation decreased from 0.48 to 0.32 between 2021 and 2022 and normalized around 0.41-0.42. The distributions exhibit persistent negative skewness (between −0.27 and −0.73) and negative kurtosis (between −1.85 and −1.70), which suggests an absence of full convergence and persistence of structural asymmetries. The subdimensions showed higher average values compared to those associated with quantitative measurement and the principle of double materiality. The analysis concludes that the inclusion of the metrics has evolved significantly, but asymmetries persist, which attests to the validity of the indicator as an appropriate tool for conducting ESG analyses.