Purpose: Corporate Social Responsibility (CSR) literature has focused mainly on larger firms. Only recently has discussion of the engagement of small and medium-sized enterprises (SMEs) in CSR emerged in research studies. Here we contribute to that growing discussion of CSR in SMEs by analyzing the disclosure practices of 57 Portuguese companies of different sizes (small, medium, large).Design/methodology/approach: We use stakeholder theory to identify the stakeholders that SMEs and large firms prioritize. By means of thematic content analysis and an index of disclosure (calculated according to company type and stakeholder type) we analyze whether business characteristics influence CSR disclose strategies.Findings: Companies give priority to CSR activities that are directly related to maintaining business and achieving economic results. CSR disclosure practices of SMEs and large companies do not differ significantly. However, larger companies disclose more information on Environment and Society. Companies who are closer to consumers disclose more information on Customers, Community and Society. The act of assuring a CSR report drives system improvements and extended CSR disclosure.Research limitations/implications: We recognize that it is difficult to compare CSR in Small and large enterprises. For this reason, we have developed a methodology based on the most basic aspects of the CSRD, and therefore applicable without distinction to large and small companies.Practical implications: A framework to evaluate the CSRD of SMEs was developed. We identify CSR indicators divided in five dimensions (customers, employees, environment, community and society) that are applicable to firms of all sizes.Originality/value: This study extends knowledge of CSR by comparing the disclosure practices of SMEs and large (listed and un-listed) Portuguese companies. This study takes account of the particularities of SMEs and other fundamental business characteristics using a replicable assessment framework.

Purpose: The purpose of this paper is to analyse the determinants of Portuguese firms’ performance.Design/methodology/approach: To achieve this aim, the authors used data from 37 non-financial firms in the period between 2010 and 2015. Three dependent variables were tested and the estimation of the model using the Generalised Method of Moments shows that internal, external and institutional factors are important to explain the performance of firms listed in Euronext Lisbon.Findings: The determinants of firm performance vary depending on the variable used to measure the performance. Specifically, the results show that when the authors use a market variable of performance, the firm-specific variables are not so important to explain performance. The macroeconomic factors, including the investor’s sentiment and insider ownership, more effectively explain the firm’s performance. The evidence suggests that the determinants of firm performance change according to the way in which different stakeholders appreciate firm performance.Originality/value: The main contribution of such approach is to show that internal and external factors influence performance measures in distinct ways, thus helping managers who are expected to make decisions according to the investors’ expectations. It provides initial guidelines for policy makers to understand how to improve the performance of their firms using firm-specific factors. Additionally, this work also demonstrates that the firm’s characteristics, macroeconomics and governance factors could affect the Portuguese firms’ performance, conveying a valuable contribution for investors.

Purpose: In the macroeconomic environment of the Iberian Peninsula, this paper aims to examine the influence of corporate governance characteristics on corporate sustainability performance. The purpose of this paper is to address corporate practices while determining which corporate governance characteristics can improve corporate sustainability, considering, for this purpose, three dimensions of sustainability: economic, environmental and social. Design/methodology/approach: This sample comprises 99 non-financial companies of the Iberian Peninsula, during the 2013–2017 period. The authors have used the panel data methodology, specifically the generalized method of moments (GMM) estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998) to test the hypotheses formulated. Findings: The results obtained have shown that corporate sustainability performance is affected differently depending on the sustainability dimension that is considered. Specifically, the economic dimension is determined by public debt, the board size, board diversity and the existence of an audit committee. Regarding the environmental dimension, the board size and the presence of the audit committee, as well the corporate social responsibility committee, are the most important determinants. Finally, the social dimension was influenced by the board size, audit committee and the control variable of capital structure, which means that in this dimension, the sources of financing used by the company also help in determining its levels of social concern. Originality/value: To the best of the authors’ knowledge, this is the first time that a study has been carried out in the Iberian Peninsula on the corporate sustainability using GMM-system model for three dimensions of sustainability. Corporate sustainability depends on external and internal factors of companies. Therefore, regulators and managers should realize that they will have to be more effective in their statements.

This paper seeks to investigate the impact of ambidexterity (exploration and exploitation) on green product innovation and the success of new products through the effects of sustainability, considering the moderating role of customer pressure. This research proposes a theoretical model that was tested using structural equation modelling (SEM) and a multigroup analysis to understand the moderating role of customer pressure. A 23‐item questionnaire was developed to explore the proposed relationships, applied in two different moments, answered by two other critical respondents from each company. At the end of the second collection moment, 336 valid questionnaires were collected from a sample of industrial SMEs in Portugal. The results show a positive influence of ambidexterity on sustainability and, therefore, on new product success and green product innovation. In addition, green product innovation increases the success of new products due to the growing demand for more sustainable products. Furthermore, the chain of effects between ambidexterity and further product success was strengthened when customer pressure was higher. This study stresses the need to actively manage exploration and exploitation investments to enhance ambidexterity, especially when sustainability and green innovation are the expected outcomes. The originality of this research is related to the contributions of hierarchical dynamic capabilities, combining and balancing exploration and exploitation, to produce successful ambidextrous companies in sustainability and green strategies.

Purpose: This paper aims to analyse the Portuguese companies’ determinants of capital structure. To reach this objective, the authors used data from 37 non-financial Portuguese large enterprises and from 4,233 non-financial small and medium enterprises for the period 2010-2016. Additionally, the authors selected a sub-period from 2010 to 2014 for a deeper understanding of the impact of the sovereign debt crisis and the Economic Adjustment Programme of Troika on the capital structure of those companies.Design/methodology/approach: Three dependent variables were tested according to debt maturity, and a dynamic panel data model, namely, the generalised method of moments system estimator, was used to test the formulated research hypotheses following Arellano and Bover (1995) and Blundell and Bond (1998) to capture the dynamic nature of the firm’s capital structure decisions.Findings: In general, the results point out that the capital structure decisions depend on a set of firm-specific factors, and that the effects of the determinants of the debt maturity ratios differ according to the type of firm, i.e. large/small firms, and the economic cycle.Originality/value: To the best of the authors’ knowledge, this is the first study that has been carried out in Portugal by using two samples of large and small companies for analysing the effects of the Economic Adjustment Programme of Troika on the capital structure of companies. The authors seek to understand which type of companies suffered more because of the effects of the Economic Adjustment Programme of Troika during this period, and which are the capital structure determinants that present greater change. Contrary to what might be expected, large companies are the firms that suffer most from the Economic Adjustment Programme. Probably, because these companies are the most immediate, most scrutinised and those that must show abroad that the bank did not fund them in the long term, because of the imposition and limits to grant credit faced by the banks themselves.

This research project aims to analyse the leadership and communication styles adopted by Angolan companies, particularly in Benguela province, and their impact on the results of these organisations. In Angola, and with the recent assimilation of the principles of market economy, the figure of the leader must abandon old management paradigms and integrate the modern principles of management of organisations into their functions, not only focusing on achieving the goals of the company but also on creating an environment conducive to the participation and involvement of employees, articulating strategies so that everyone grows in and with the organisation. Thus, the general objective of the research is to assess the managers’ perception of their leadership style (transformational, transactional, and laissez-faire) and its impact on the organisation’s performance. To this end, a quantitative study was carried out using a questionnaire, using, among other dimensions, the multifactorial leadership questionnaire (MLQ), distributed to a sample of 227 managers. Data were analysed using SPSS using descriptive statistics (frequencies, means, standard deviation) and inferential statistics (t-test, ANOVA, Tukey’s test). The results show that the leaders perceive their leadership styles as transformational and recognise that communication, motivation, and the reward system strongly impact the organisation’s performance.