Carvalho, Margarita

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Carvalho

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Margarita

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Margarita Carvalho

Biography

Margarita Carvalho is Assistant Professor at the Department of Economics and Management at Universidade Portucalense. She completed her PhD in Economics at University of Minho (Braga, Portugal) at 2019. Her research interests lies on banking, managers and labour economics, as well as applied econometrics. She is a researcher at REMIT (Research on Economics, Management and Information Technologies) and also an associate researcher at NIPE (Centre for Research in Economics and Management) at University of Minho.

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0000-0002-1266-4088
3F1A-44B3-2556
fYurDsAAAAAJ
AAV-3133-2021

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REMIT – Research on Economics, Management and Information Technologies
Centro de investigação que que tem como objetivo principal produzir e disseminar conhecimento teórico e aplicado que possibilite uma maior compreensão das dinâmicas e tendências económicas, empresariais, territoriais e tecnológicas do mundo contemporâneo e dos seus efeitos socioeconómicos. O REMIT adota uma perspetiva multidisciplinar que integra vários domínios científicos: Economia e Gestão; Ciências e Tecnologia; Turismo, Património e Cultura. Founded in 2017, REMIT – Research on Economics, Management and Information Technologies is a research unit of Portucalense University. Based on a multidisciplinary and interdisciplinary perspective it aims at responding to social challenges through a holistic approach involving a wide range of scientific fields such as Economics, Management, Science, Technology, Tourism, Heritage and Culture. Grounded on the production of advanced scientific knowledge, REMIT has a special focus on its application to the resolution of real issues and challenges, having as strategic orientations: - the understanding of local, national and international environment; - the development of activities oriented to professional practice, namely in the business world.

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Now showing 1 - 8 of 8
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    PublicationOpen Access
    Financialization, corporate governance and employee pay: A firm level analysis
    2019 - Cerejeira, João; Carvalho, Margarita
    This study explores the link between financialization and employee wages. Using a panel of European banks from Bankscope we test whether banks use leverage strategically in order to refrain wage increases, focusing on the strategic use of banks’ capital structure as a disciplinary mechanism. The results indicate the existence of a negative and significant effect of leverage on average employee wages. In addition, considering that the effects of leverage could depend on individual bank risk, we extend our analysis to distressed banks, using the z-score as a measure to distinguish banks that are more prone to bankruptcy. We also observe that leverage is statistically significant when relating to average wages; however the impact does not differ in magnitude in comparison to non-distressed banks.
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    PublicationOpen Access
    Mergers and acquisitions and wage effects in the Portuguese banking sector
    2019 - Cerejeira, João; Carvalho, Margarita
    This study examines the impacts of mergers and acquisitions (hereafter M&A) on wages of workers for the period 1993-2007. The results suggest a positive effect of M&A on wages; however, for workers that have participated in M&A in an acquired bank, it seems that M&A has a detrimental impact reflected by a reduction of the positive effect. We have also observed that the effects of acquisitions differ over time indicating that time dimension is an important element to consider, as the positive effect is not so manifest in the second year after the M&A; moreover we observe that the positive effect decreases even more in the third year after the M&A. The research also tries to assess if the effects differ according to the M&A type and the worker qualification level. Empirical results show that for highly qualified workers, M&A seems to be positive for wages. M&A may also produce different effects on employees’ wages according to the type of operation. Domestic acquisitions tend to have a positive effect on wages, but when analysing the impact on workers of foreign acquisitions, the results show a negative effect.
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    PublicationOpen Access
    Leverage decisions and manager characteristics: evidence for European banks [Abstract]
    2022-01-14 - Cerejeira, João; Carvalho, Margarita
    Using data from European banks, the results show that younger managers are riskprone and less conservative in leverage decisions. Moreover, it is observed that for higher levels of leverage more experienced managers tend to increase leverage. This is also true for managers with a longer tenure as they may bring their personal preferences towards risk. However, this effect differs according to the level of leverage at the manager’s appointment date. The inclusion of the decision horizon seems to validate the idea that a short-term managerial horizon enhances the self interested behaviour of the manager and this is reflected on capital structure decisions.
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    PublicationOpen Access
    Leverage decisions and manager characteristics: Evidence for european banks
    2022-01 - Cerejeira, João; Carvalho, Margarita
    This study assesses how manager’s characteristics influence leverage decisions. Using data from European banks, the results show that younger managers are riskprone and less conservative in leverage decisions. Moreover, it is observed that for higher levels of leverage more experienced managers tend to increase leverage. This is also true for managers with a longer tenure as they may bring their personal preferences towards risk. However, this effect differs according to the level of leverage at the manager’s appointment date. The inclusion of the decision horizon seems to validate the idea that a short-term managerial horizon enhances the selfinterested behaviour of the manager and this is reflected on capital structure decisions.
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    PublicationOpen Access
    Level leverage decisions and manager characteristics
    2019 - Cerejeira, João; Carvalho, Margarita
    This study assess how manager’s characteristics may influence leverage decisions. Using data from European banks, the results show that younger managers are risk-prone and less conservative in leverage decisions. Moreover, it is observed that for higher levels of leverage more experienced managers tend to increase leverage. This is also true for managers with a longer tenure as they may bring their personal preferences towards risk and in this sense they will be more able to increase leverage. However, this effect differs according to the level of leverage at the manager’s appointment date. The inclusion of the decision horizon seems to validate the idea that a short-term managerial horizon enhances the self-interested behaviour of the manager and this may be reflected on capital structure decisions.
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    PublicationRestricted Access
    Upper Echelons Theory in the banking sector [entrada em enciclopédia]
    2024-03-29 - Carvalho, Margarita
    The Upper Echelons Theory postulates that top manager’s characteristics are determinant for corporate strategic decisions; therefore managerial traits exert influence on the decision process and shape the strategic choices. Considering the banking sector and the determinants of bank’s capital structure, the Upper Echelons perspective contribute to a more comprehensive understanding that managerial traits and perceptions may influence capital structure decisions.
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    PublicationRestricted Access
    Recent evolution and trends in the EU banking sector [entrada em enciclopédia]
    2024-05-08 - Carvalho, Margarita
    It is widely recognized the role of the banking system for economic development. The European banking sector has undergone structural changes marked by financial globalization, liberalization and banking deregulation that have changed the way in which banking institutions operate. The new competitive environment promoted the adoption of a strategic behavior and the financialization of the economy has changed corporate behavior and banking business models with an increase in risk-taking. The prevalence of excessive leverage brought some concerns regarding risk and financial stability and the 2007 global financial crisis raised the fears of financial uncertainty and its impacts on European countries.
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    PublicationOpen Access
    Circular Economy and International Business: Innovation, Sustainability, and Environmental Impact [Editorial]
    2025-12-27 - Lobo, Carla Azevedo; Santos-Pereira, Carla; Azevedo, Mónica; Carvalho, Margarita
    As global markets transition towards sustainability, the Circular Economy is emerging not only as a key driver of innovation and long-term business success but also as a powerful framework for environmental protection and ecosystem regeneration. Companies are increasingly compelled to rethink traditional business models, aligning them with circular principles that prioritize the reduction of environmental degradation, the regeneration of natural resources, and the minimization of waste. This Special Issue investigates how firms, industries, and economies apply circular economy strategies within international business while addressing broader environmental challenges and complying with evolving environmental regulations. We seek original research and review articles that explore the intersection of the circular economy, environmental governance, and international business. Topics of interest include sustainable business strategies that reduce environmental impact, the role of digitalization in enabling low-carbon and resource-efficient transitions, the redesign of global value chains with ecological considerations, and the policy mechanisms that drive circularity with environmental integrity. Contributions may examine how multinational corporations, small and medium-sized enterprises (SMEs), and emerging market actors adopt circular practices to enhance both competitiveness and environmental responsibility. Submissions may address, but are not limited to: business models for the circular economy in environmentally regulated international markets; sustainable and circular supply chains with low ecological footprints; the influence of international environmental agreements and trade regulations on circular practices; environmental policy and governance as enablers of circular innovation; consumer behavior regarding eco-friendly and circular products; green investment and financing models; environmental impact metrics for circular performance; and institutional and corporate frameworks promoting systemic environmental change. By bringing together a wide range of insights from academia, industry, and environmental policy, this Special Issue aims to advance understanding of how circular economy principles can help reshape international business dynamics while contributing to climate goals, ecological sustainability, and a greener global economy.