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Flávio Morais holds a PhD in Management from University of Beira Interior. Since 2024, he is Adjunct Professor in Finance at Polytechnic Institute of Viseu and before that he was Guest Assistant Professor at University of Beira Interior and ISCSP-University of Lisbon. He is researcher at the Research Center of Business Sciences (NECE), where he coordinates the Economics and Finance research group. His research focuses on corporate finance topics including firm's capital structure decisions, financial performance and corporate governance mechanisms. Flavio's work has been published in a variety of academic journals, including the European Journal of Finance, Finance Research Letters and Research in International Business and Finance.
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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