Chapter 1 The Impact of European Funds in View of Company Value Creation...... 1 Nuno Miguel Teixeira, Center for Research in Business and Administration, School of Business Sciences, Polytechnic Institute of Setúbal, Portugal Inês Lisboa, CARME, School of Management and Technology, Polytechnic of Leiria, Portugal Rui Brites, Polytechnic Institute of Setúbal, Portugal Teresa Godinho, Polytechnic Institute of Setúbal, Portugal

Chapter 2 Entrepreneurship and Unemployment: Government Grants and Challenges in a Pandemic Context... 20 Francisco José Mendes Leote, College of Business and Administration, Polytechnic Institute of Setúbal, Portugal Nuno Miguel Teixeira, Polytechnic Institute of Setúbal, Portugal Rosa Galvão, Polytechnic Institute of Setúbal, Portugal

Chapter 3 Structures and Functions of Holding Companies in Different Countries...... 41 Pınar Avci, Tekirdağ Namık Kemal University, Turkey

Section 2 Organizations

Chapter 4 Financial Capacity During a Pandemic Crisis: Insights From the Non-Profit Sector...... 59 Márcia Cadete Santos, Polytechnic Institute of Setúbal, Portugal Sandra Nunes, Polytechnic Institute of Setúbal, Portugal Pedro Dominguinhos, Polytechnic Institute of Setúbal, Portugal Joaquim Mourato, Instituto Politécnico de Portalegre, Portugal Carlos Mata, Polytechnic Institute of Setúbal, Portugal Nuno Miguel Teixeira, Center for Research in Business and Administration, School of Business Sciences, Polytechnic Institute of Setúbal, Portugal

Chapter 5 Does the Capital Structure of New Ventures Differ as a Response to a Financial Crisis? Capital Structure Responsiveness of Portuguese New Ventures to an Economic Downturn...... 77 Maria João Guedes, ISEG, University of Lisbon, Portugal Tânia Mafalda Antunes Saraiva, ISEG, University of Lisbon, Portugal Teresa Felício, ISEG, University of Lisbon, Portugal

Chapter 6 The Impact of Macroeconomic Factors on the Hotel Industry Through the Financial Leverage Trends: The Portuguese Case...... 94 Luís Lima Santos, Centre for Tourism Research (CiTUR), Development and Innovation, School of Tourism and Maritime Technology, Polytechnic of Leiria, Portugal Conceição Gomes, Centre for Tourism Research (CiTUR), Development and Innovation, School of Tourism and Maritime Technology, Polytechnic of Leiria, Portugal Inês Lisboa, CARME, School of Management and Technology, Polytechnic of Leiria, Portugal

Chapter 7 Financial Analysis During the Pandemic and New Consumption: Oil and Gas Sector...... 112 Liliane Cristina Segura, Universidade Presbiteriana Mackenzie, Brazil Murillo Jose Torelli Pinto, Universidade Presbiteriana Mackenzie, Brazil

Chapter 8 Financial Management for the Successful Company Value...... 126 Jakub Horak, Institute of Technology and Business, Czech Republic Veronika Machova, Institute of Technology and Business, Czech Republic Jaromir Vrbka, Institute of Technology and Business, Czech Republic

Chapter 9 Analyzing the Impact of the COVID-19 Pandemic on Value Creation: The Case of Euronext Lisbon...... 153 Rosa Galvão, Polytechnic Institute of Setúbal, Portugal Ana Bela de Sousa Delicado Teixeira, Polytechnic Institute of Setúbal, Portugal

Chapter 10 Impact of the COVID-19 Pandemic on the Financial Statements of Portuguese Stock Index 20 Companies...... 174 Maria Teresa V. D. Alves, ESCE, Polytechnic Institute of Setúbal, Portugal

Chapter 11 The Impact of Working Capital Management on Firm Operational Performance Through Business Cycles: Evidence From Portugal...... 199 Inês Lisboa, CARME, School of Management and Technology, Polytechnic of Leiria, Portugal Nuno Miguel Teixeira, Center for Research in Business and Administration, School of Business Sciences, Polytechnic Institute of Setúbal, Portugal

Chapter 12 Idle Costs in the Pandemic...... 218 Liliane Cristina Segura, Universidade Presbiteriana Mackenzie, Brazil Fernando Nascimento Zatta, Universidade Presbiteriana Mackenzie, Brazil Henrique Formigoni, Universidade Presbiteriana Mackenzie, Brazil Wellington Gonçalves, Universidade Federal do Espirito Santo, Brazil

Chapter 13 Cost Managerial Analysis to Prevent Arbitrary Cost Reductions in Times of Significant Crisis...... 233 José Carlos Tiomatsu Oyadomari, Universidade Presbiteriana Mackenzie, Brazil Edelcio Koitiro Nisiyama, Insper Instituto de Ensino e Pesquisa, Brazil Octávio Ribeiro de Mendonça Neto, Universidade Presbiteriana Mackenzie, Brazil Claudio Parisi, Universidade Presbiteriana Mackenzie, Brazil Marcelo Honda, Agrindus S/A, Brazil Ronaldo Gomes Dultra-de-Lima, Universidade Presbiteriana Mackenzie, Brazil

Chapter 14 The Uncertainty of the Organizational Environment as Cause of Unfavorable Budget Deviations in the Projects of Portuguese Construction Companies...... 248 Caropul Capembute Mendes, School of Engineering, Institute of Coimbra, Portugal João Veríssimo Lisboa, Faculty of Economics, University of Coimbra, Portugal João Pedro Couto, School of Engineering, University of Minho, Portugal José Vaz Ferreira, Faculty of Economics, University of Coimbra, Portugal

Section 3 Financial Institutions

Chapter 15 Economic Policy Uncertainty in Banking: A Literature Review...... 275 Peterson K. Ozili, Central Bank of Nigeria, Nigeria

Chapter 16 The Short-Term Effects of the Pandemic (COVID-19) on Banks With Activity in Portugal: Particularly With Regard to Capital Buffer...... 291 Maria Clara Pereira Pires, Polytechnic Institute of Beja, Portugal Milene Horta, Caixa Geral de Depósitos, Portugal Rute Fradinho, Caixa Geral de Depósitos, Portugal

Chapter 17 Credit Risk Aversion Model During Economic Downturns and Recovery...... 305 Akwesi Assensoh-Kodua, Durban University of Technology, South Africa

Chapter 18 FinTech and Sustainable Development: A Comparitive Study of Indian and Chinese FinTech Ecosystems...... 323 Manish Ramamohan, Center for Management Studies, Jain University (Deemed), India Mehak Mehta, Center for Management Studies, Jain University (Deemed), India Sunitha B. K., Center for Management Studies, Jain University (Deemed), India

Chapter 19 Blockchain Technology in Securitization in India...... 343 Anirudh Menon, Center for Management Studies, Jain University (Deemed), India Dikshant Khandelwal, Center for Management Studies, Jain University (Deemed), India Kailash Multanmal Suthar, Center for Management Studies, Jain University (Deemed), India Sunitha B. K., Center for Management Studies, Jain University (Deemed), India

Section 4 Financial Markets

Chapter 20 Foreign Exchange Market Shocks in the Context of the Global Pandemic (COVID-19)...... 359 Rui Teixeira Dias, Polytechnic Institute of Setúbal, Portugal Luísa Carvalho, Polytechnic Institute of Setúbal, Portugal

Chapter 21 Performance of Exchange-Traded Funds in Europe: Beta-Performance Ratio...... 374 Maria Elisabete Duarte Neves, ISCAC, Polytechnic of Coimbra, Coimbra Business School, Portugal & University of Trás-os-Montes and Alto Douro, Portugal Jeremias Amado Conceição, ISCAC, Polytechnic of Coimbra, Coimbra Business School, Portugal Vargas Bonfim Montenegro, ISCAC, Polytechnic of Coimbra, Coimbra Business School, Portugal

Chapter 22 Do the Stock Market Indices Follow a Random Walk?...... 389 Cristina Vasco, Institute of Employment and Professional Training, Portugal Pedro Pardal, Polytechnic Institute of Setúbal, Portugal Rui Teixeira Dias, Polytechnic Institute of Setúbal, Portugal

Chapter 23 Using Mutual Information to Analyse Serial Dependence: The Effects of COVID-19...... 411 Andreia Dionísio, CEFAGE, IIFA, Universidade de Évora, Portugal Paulo Ferreira, Polytechnic Institute of Portalegre, Portugal

Chapter 24 A Study on the Performance of Indian Mutual Funds in Recent Years...... 428 Dipika Varshney, Jain University (Deemed), India Sowjanya Heblikar, Jain University (Deemed), India Sunitha B K, Jain University (Deemed), India

Chapter 25 How Does COVID-19 Impact the Efficiency of the Chinese Stock Market? A Sliding Windows Approach...... 445 Paulo Ferreira, Polytechnic Institute of Portalegre, Portugal Éder Pereira, Instituto Federal de Educação do Maranhão, Brazil Oussama Tilfani, Faculty of Sciences and Techniques, Cadi Ayyad University, Morocco My Youssef El Boukfaoui, Faculty of Sciences and Techniques, Cadi Ayyad University, Morocco

Chapter 26 The Relationship Between Gold and Stock Markets During the COVID-19 Pandemic: An Econophysical Approach...... 462 Rui Teixeira Dias, Polytechnic Institute of Setúbal, Portugal Luísa Carvalho, Polytechnic Institute of Setúbal, Portugal

Chapter 27 Distributional Uncertainty for Spectral Risk Measures...... 476 Mohammed Berkhouch, LISAD Laboratory, ENSA, Ibn Zohr University, Agadir, Morocco

Compilation of References...... 495

About the Contributors...... 556

Index...... 562