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Flávio Morais completed his PhD in Management in 2021. He is Assistant Professor at University of Beira Interior and ISCSP-University of Lisbon. His research focuses on corporate finance topics covering large listed firms and SMEs, and he has published in a variety of academic journals, including the Finance Research Letters, Research in International Business and Finance and European Management Journal.
Identification

Personal identification

Full name
Flávio Morais

Citation names

  • Morais, Flávio

Author identifiers

Ciência ID
A91A-F887-EE8C
ORCID iD
0000-0002-3808-5017

Email addresses

  • flavio.morais@ubi.pt (Professional)
  • fmorais@estgv.ipv.pt (Professional)

Knowledge fields

  • Social Sciences - Economics and Business

Languages

Language Speaking Reading Writing Listening Peer-review
English Upper intermediate (B2) Advanced (C1) Advanced (C1) Upper intermediate (B2) Advanced (C1)
French Intermediate (B1) Intermediate (B1) Intermediate (B1) Intermediate (B1)
Education
Degree Classification
2017/09/01 - 2021/06/07
Concluded
 Management (Doutoramento)
Major in Corporate Finance
Universidade da Beira Interior, Portugal
"The puzzling phenomenon of zero-leverage firms: characteristics and performance of unlevered firms" (THESIS/DISSERTATION)
 Approved with Distinction
2011/09/01 - 2013/07/01
Concluded
 Management (Mestrado)
Universidade da Beira Interior, Portugal
"Determinants of Cash Holdings in the Accommodation Industry: Evidence from Southern European Countries" (THESIS/DISSERTATION)
 17
2008/09/01 - 2011/07/01
Concluded
 Management (Licenciatura)
Universidade da Beira Interior, Portugal
 16
Affiliation

Science

Category
Host institution 		Employer
2017/05/02 - 2021/01/31 Researcher (Research) Fundação para a Ciência e a Tecnologia, Portugal
Universidade da Beira Interior, Portugal

Teaching in Higher Education

Category
Host institution 		Employer
2024/09/16 - Current Adjunct Teacher (Polytechnic Teacher) Instituto Politécnico de Viseu Escola Superior de Tecnologia e Gestão de Viseu, Portugal
2021/09/01 - Current Invited Assistant Professor (University Teacher) Universidade da Beira Interior, Portugal
Universidade da Beira Interior, Portugal
2021/02/01 - 2024/08/31 Invited Assistant Professor (University Teacher) Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal
Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal

Others

Category
Host institution 		Employer
2024/03 - Current Coordinator of the Economics and Finance research group of the NECE Research Centre| Coordenador da linha de investigação de Economia e Finanças do NECE Universidade da Beira Interior Núcleo de Estudos em Ciências Empresariais, Portugal
Universidade da Beira Interior Núcleo de Estudos em Ciências Empresariais, Portugal
2022/09 - 2024/08 Executive Coordinator of the degree in Human Resources Management | Coordenador Executivo da Licenciatura em Gestão de Recursos Humanos (Diurno e Pós-Laboral)) Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal
Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal
2021/09 - 2024/08 International Mobility Coordinator of the Human Resources Management degree | Coordenador de Mobilidade Internacional da Licenciatura em Gestão de Recursos Humanos Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal
Universidade de Lisboa Instituto Superior de Ciências Sociais e Políticas, Portugal
Projects

Grant

Designation Funders
2017 - 2021 The puzzling phenomenon of zero-leverage firms: characteristics and performance of unlevered firms
SFRH/BD/119851/2016
PhD Student Fellow
Fundação para a Ciência e a Tecnologia

Contract

Designation Funders
2023/09/01 - Current Financial Risk
IPL/IDI&CA2023/RISKFIN_ISCAL
Researcher
Instituto Politécnico de Lisboa, Portugal
2019/01/01 - Current Núcleo de Estudos em Ciências Empresariais / UIDB/04630/2020
UIDB/04630/2020
 Fundação para a Ciência e a Tecnologia
Ongoing
2019/01/01 - 2019/12/31 NECE - Research Center for Business Sciences - UBI (Núcleo de Estudos em Ciências Empresariais)
UID/GES/04630/2019
Universidade da Beira Interior, Portugal
 Fundação para a Ciência e a Tecnologia
Concluded
2019/01/01 - 2019/12/31 Núcleo de Estudos em Ciências Empresariais - Projeto estratégico UID/GES/04630/2019
UID/GES/04630/2019
Universidade da Beira Interior, Portugal
 Fundação para a Ciência e a Tecnologia
Concluded
Outputs

Publications

Book chapter
  1. Morais, Flávio. "Zero-Leverage in European Firms: The Role of Corporate Governance Mechanisms on the Phenomenon". 227-251. {IGI, 2020.
    10.4018/978-1-7998-2136-6.ch011
  2. Morais, Flávio. "Cash Holdings Determinants from Brazilian Listed Firms". 2018.
    10.1007/978-3-319-91334-6_144
Conference abstract
  1. Morais, Flávio; Serrasqueiro, Zélia. "On The Impacts of Society Satisfaction on SMEs Capital Structure.". Paper presented in Economy of Francesco - Portugal Conference, 2022.
    Accepted
Conference paper
  1. Morais, Flávio. "Fatores determinantes da performance financeira: o caso das unidades de saúde portuguesas". Paper presented in VII Congresso Lusófono de Gestão de Recursos Humanos e Administração Pública, 2024.
  2. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim J.S.. "To be or not to be debt-free, which is the optimal answer for a better firm performance?". Paper presented in European Financial Management Association 2024, 33rd Annual Meeting, Lisbon, 2024.
  3. Morais, Flávio; Marques, Luís Miguel; Serrasqueiro, Zélia; Ramalho, Joaquim. "How sustainable development affect zero leverage? A debt demand and supply perspective". Paper presented in XXXIII Jornadas Luso-Espanholas de Gestão Científica, 2024.
  4. Aamer Shahzad; Morais, Flávio. "Deleveraging to the extreme: what really motivates the trend in an emerging market?". Paper presented in 7th International Conference on Advances in Business (ICAB), 2023.
  5. Morais, Flávio; Marques, Luís Miguel; Serrasqueiro, Zélia; Ramalho, Joaquim. "How sustainable development affect zero leverage? A debt demand and supply perspective". Paper presented in XXV Seminário Luso-Espanhol de Economia Empresarial, 2023.
  6. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim. "Zero leverage and firm performance: when nothing is better.". Paper presented in 12th Portuguese Finance Network Conference, 2023.
  7. Marques, Luís Miguel; Morais, Flávio; Serrasqueiro, Zélia. "How society satisfaction affects firm’s capital structure? A two-part fractional regression approach.". Paper presented in 12th Portuguese Finance Network Conference, 2023.
  8. Morais, Flávio; Marques, Luís Miguel; Serrasqueiro, Zélia; Ramalho, Joaquim. "Zero Leverage on SMEs: Is Sustainable Development Influencing the Phenomenon?". Paper presented in 29th Annual Global Finance Conference, 2022.
  9. Aamer Shahzad; Main Nazir; Morais, Flávio; Affaf Butt. "Ownership Structure, Board Composition and CEO Dominance: What Really Matter to Corporate Deleveraging Policies". Paper presented in 29th Annual Global Finance Conference, 2022.
  10. Morais, Flávio; Marques, Luís Miguel; Serrasqueiro, Zélia. "Zero leverage on SMEs: is sustainable development influencing the phenomenon?". Paper presented in Global Finance Conference, Braga, 2022.
    Published
  11. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim. "Capital Structure Speed of Adjustment Heterogeneity Across Zero-Leverage and Leveraged European Firms". Paper presented in 11th Portuguese Finance Network Conference, 2021.
  12. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim. "Zero leverage and firm performance: when nothing is better". Paper presented in 28th Annual Global Finance Conference, 2021.
  13. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim. "The effect of corporate governance structures on zero-leverage phenomenon". Paper presented in XXI Seminário Luso-Espanhol de Economia Empresarial, 2019.
  14. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim. "The zero-leverage phenomenon in European listed firms: a financing decision or an imposition of the financial market?". Paper presented in 28th Annual Meeting of the European Financial Management Association, 2019.
  15. Morais, Flávio; Nave, Ana; Rodrigues, Ricardo Gouveia. "Cash Holdings Determinants from Brazilian Listed Firms". Paper presented in Regional HELIX 2018, 2018.
  16. Morais, Flávio; Pedro Silva. "An Empirical Examination of Cash Holding Levels in the Spanish Accommodation Industry". Paper presented in XV Seminário Luso-Espanhol de Economia Empresarial, 2013.
  17. Morais, Flávio; Pedro Silva. "Determinants of Cash Holdings in the Accommodation Industry". Paper presented in Advanced Research Workshop in Tourism Economics (ARWTE 2013), 2013.
Journal article
  1. Flávio Morais; Zélia Serrasqueiro; Joaquim J.S. Ramalho. "Is zero leverage good for firms’ performance?". The European Journal of Finance (2024): https://doi.org/10.1080/1351847X.2024.2433017.
    10.1080/1351847X.2024.2433017
  2. Zélia Serrasqueiro; Filipe Sardo; Elisabete Neves; Flávio Morais. "SME rebalancing short-term and long-term debt ratios: the role of financial distress costs". International Journal of Accounting & Information Management (2024): http://dx.doi.org/10.1108/ijaim-02-2023-0034.
    10.1108/ijaim-02-2023-0034
  3. Aamer Shahzad; Mian Sajid Nazir; Flávio Morais; Affaf Asghar Butt. "Ownership structure, board composition and CEO dominance: what does really matters to corporate deleveraging policies?". Corporate Governance: The International Journal of Business in Society (2024): http://dx.doi.org/10.1108/cg-07-2023-0329.
    10.1108/cg-07-2023-0329
  4. Marques, Luís Miguel; Morais, Flávio; Serrasqueiro, Zélia. "How does society satisfaction affect the capital structure of firms? A two-part fractional regression approach". Quantitative Finance and Economics 8 2 (2024): 210-234. http://dx.doi.org/10.3934/qfe.2024008.
    Published • 10.3934/qfe.2024008
  5. Flávio Morais; Joaquim Ferreira; Luís Marques; Joaquim Ramalho. "The effect of environment, social and governance on demand and supply of debt". Applied Economics (2024): https://doi.org/10.1080/00036846.2024.2331422.
    10.1080/00036846.2024.2331422
  6. Joaquim Ferreira; Flávio Morais. "Predict or to be predicted? A transfer entropy view between adaptive green markets, structural shocks and sentiment index". Finance Research Letters (2023): https://doi.org/10.1016/j.frl.2023.104100.
    10.1016/j.frl.2023.104100
  7. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim J.S.. "Capital structure speed of adjustment heterogeneity across zero leverage and leveraged European firms". Research in International Business and Finance 62 (2022): 101682. http://dx.doi.org/10.1016/j.ribaf.2022.101682.
    10.1016/j.ribaf.2022.101682
  8. Joaquim Ferreira; Flávio Morais. "Does the Coronavirus Crash affect green equity markets’ efficiency? A multifractal analysis". Journal of Sustainable Finance & Investment (2022): https://doi.org/10.1080/20430795.2022.2105787.
    10.1080/20430795.2022.2105787
  9. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim J.S.. "The heterogeneous effect of governance mechanisms on zero-leverage phenomenon across financial systems". Corporate Governance: The International Journal of Business in Society ahead-of-p ahead-of-p (2021): http://dx.doi.org/10.1108/cg-10-2020-0443.
    10.1108/cg-10-2020-0443
  10. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim JS. "The zero-leverage phenomenon in European listed firms: A financing decision or an imposition of the financial market?". BRQ Business Research Quarterly (2021): 234094442110246. http://dx.doi.org/10.1177/23409444211024653.
    10.1177/23409444211024653
  11. Morais, Flávio; Serrasqueiro, Zélia; Ramalho, Joaquim J.S.. "The zero-leverage phenomenon: A bivariate probit with partial observability approach". Research in International Business and Finance 53 (2020): 101201. http://dx.doi.org/10.1016/j.ribaf.2020.101201.
    10.1016/j.ribaf.2020.101201
  12. Morais, Flávio. "SME internationalisation process: Key issues and contributions, existing gaps and the future research agenda". European Management Journal (2019): http://dx.doi.org/10.1016/j.emj.2019.08.001.
    10.1016/j.emj.2019.08.001
  13. Flávio Morais; Mário Franco. "The role of cooperative alliances in internationalization strategy". Journal of Strategy and Management (2018): https://doi.org/10.1108/JSMA-03-2018-0023.
    10.1108/JSMA-03-2018-0023
  14. Morais, Flávio. "Determinants of Cash Holdings in the Accommodation Industry". Tourism Hospitality International Journal (2013): http://www.isce-turismo.com/static/files/8ab23d4f-Determinants-of-cash-holdings-in-the-accommodation-industry.pdf.
Activities

Supervision

Thesis Title
Role 		Degree Subject (Type)
Institution / Organization
2022/09/01 - 2023/11/01 Fatores determinantes da performance financeira: o caso das unidades de saúde portuguesas
Supervisor
Universidade da Beira Interior, Portugal
Distinctions

Award

2024 Best Paper in Finance - XXXIII Jornadas Hispanolusas de Gestión Científica, Ceuta 2024
Universidad de Granada, Spain
2019 Best communication from a young researcher in XXI Seminário Luso-Espanhol de Economia Empresarial (2019) ¿ Prémio Jovem Investigador ¿Cátedra Luís de Camões¿
2013 Academic Merit Award
Nestle Portugal S A, Portugal

Universidade da Beira Interior, Portugal