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This article analyses the financial performance of family versus non-family firms operating in nautical tourism, in 2015–2019. The sample of 39 Portuguese companies was collected from the SABI database. We use a regression of financial performance, measured by three alternative proxies: return on assets, return on equity and operating profit margin, on liquidity, leverage, turnover of assets, asset structure, company size and age. The regressions are performed across Nuts II regions on mainland and across types of firms (family and non-family). The results uncover several patterns. First, family firms are larger and older, make higher investments and therefore are less liquid. Second, liquidity, leverage and investment in tangible assets impact negatively and significantly the corporate financial performance, while the turnover of assets, size and age impacts positively and significantly. Third, the sign of the impacts depends on the measure of performance. Finally, firms in the Northern region show superior performance, which can be explained by the higher share of family firms. These findings can serve as a roadmap for managers when selecting strategies to improve performance. Additionally, they will contribute to the understanding of tourism destination dynamics and competitiveness.

An important part of environmental degradation is caused by the discharge of untreated or mistreated wastewater. The reuse of water is paramount to the National Strategic Plan for the Water Supply and Wastewater Sanitation Sector in Portugal and Spain. Since centralized treatment systems have proved to be inefficient, tackling environmental issues requires a regional approach. Wastewater treatment plants (WWTPs) mitigate environmental impacts and contribute to the financial savings of other firms. However, the literature evaluating WWTPs’ financial performance and economic sustainability is scarce. The implementation of a resource recovery technology depends heavily on economic viability. Thus, this paper analyses the financial sustainability of 222 WWTPs in the Iberian Peninsula by NUTS II regions in 2016–2019 to assess the region with the best performance and financial stability and provide regional policy implications. Using the SABI database, this research encompasses a numerical and narrative analysis of key financial ratios. Results show that firms in Algarve and La Rioja exhibit higher financial sustainability when compared to other regions. Results can foster enhancements in the governance of regulated utilities.

The Sustainable Development Goals aim at balancing economic, social and environmental development. In this framework, social sustainability is key to tackle current challenges that hinder the maximization of social satisfaction. Yet, for many years, scholars have negleted the social dimension. A possible explanation may be the difficulty to measure social concepts such as well-being and prosperity. Thus, we argue that, to evaluate sectoral performance, the concept of social sustainability should be translated into metrics, by focusing on the indicators that impact on those social concepts. Consequently, time-series data from Quadros do Pessoal, PORDATA and SABI databases for the sector of Water Collection, Treatment and Distribution, Sanitation, Waste Management and Depollution, are consulted to analyze the evolution of those indicators and evaluate corporate performance concerning social sustainability in 2008–2019. In line with previous literature, we use average wages and employment as proxies for social sustainability. However, we introduce a new indicator, the average term for receipts to carry out an analysis from the stakeholders’ perspective. The results suggest that, especially as of 2017, sectoral firms appear to have reagained their momentum concerning social sustainability performance. This study provides the opportunity to uncover average sectoral trends on social sustainability and paves the way for future research exploring firms’ heterogeneity.

This paper reviews the literature on foreign direct investment (FDI), productivity, and technology upgrading, with a focus on macroeconomic and microeconomic models. It compares the performance of various models used to study FDI and its effects on firms’ productivity, via skill and technology upgrading, offshoring, institutional quality, and other related factors. This review highlights the differences and similarities between macroeconomic and microeconomic models, their empirical strategies, and their ability to provide a comprehensive understanding of the mechanisms through which FDI affects productivity and other variables. The empirical literature on the impact of FDI on the productivity of local firms is derived from association studies, which use a neoclassic production function and an augmented Solow-type equation. These models have been shown to be inadequate in capturing the dynamic and complex nature of FDI and the associated externalities, particularly vertical externalities. This paper identifies three criticisms of the literature on pecuniary externalities, including a lack of models that focus specifically on the mechanism of forward linkages, inadequate measures to assess linkage effects, and the failure to include crucial determinant factors in empirical models. Overall, this paper calls for more comprehensive and nuanced models that incorporate the dynamic and complex nature of FDI and its externalities.

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