Agnello, L., Castro, V., & Sousa, R. M. (2025). Speculative-Grade sovereign rating Cycles: Sovereign debt Defaults, restructurings and resolution. Journal of International Financial Markets, Institutions and Money, 103. https://doi.org/10.1016/j.intfin.2025.102197

The study examines how sovereign defaults, debt restructurings, and resolution strategies affect the duration of periods in which countries remain rated at speculative grade. Using a change-point Weibull duration model applied to a large panel of sovereign credit ratings from Fitch, Moody’s, and S&P, the analysis shows that certain policy choices significantly prolong low-rating spells. Governments that implement nominal debt relief during defaults, rely on multilateral-supported restructurings, or experience prolonged exclusion from international capital markets tend to remain trapped in speculative-grade status for longer periods. Although the probability of exiting speculative grade initially increases over time, this effect fades after a critical threshold of roughly 15 years. Beyond this point, macroeconomic and institutional fundamentals become decisive. Higher GDP growth, improved institutional quality, lower public debt, and stronger external balances shorten speculative episodes, while banking and debt crises lengthen them. Overall, the findings highlight the long-lasting reputational and economic consequences of sovereign debt distress.

Casais, B., & Cardoso, C. (2025). Cosmopolitan tourists in P2P accommodation: An exploratory study of online reviews on airbnb. Tourism and Hospitality Research, 25(3), 375–386. https://doi.org/10.1177/14673584231218105

This article explores how cultural background shapes (or fails to shape) online reviews in peer-to-peer (P2P) accommodation, focusing on 775 Airbnb reviews from guests of 32 countries staying in two properties in Lisbon and Porto. Using Hofstede’s dimensions of Individualism–Collectivism and Masculinity–Femininity, the study compares review content across 12 culturally representative countries. The findings reveal a striking homogeneity: cultural values do not significantly influence what guests write about. Across all groups, Location, Amenities, and Host interaction were the most frequently mentioned aspects. Some stylistic differences emerged—individualistic guests tended to write longer, more detailed negative comments, while collectivist guests wrote shorter and more socially cautious reviews—but overall patterns remained similar. Likewise, masculine and feminine cultures showed no meaningful divergence in content. The authors argue that the dominance of cosmopolitan tourists in P2P accommodation helps explain this uniformity, as experienced global travelers adopt a shared “Airbnb reviewing culture” that overrides national cultural norms.

da Silva, F. B., & Duarte, P. A. B. (2025). Brazil and China’s Digital Silk Road: Opportunities, Risks, and Strategic Implications. Global Policy, 16(4), 655–668. https://doi.org/10.1111/1758-5899.70027

This article examines Brazil’s engagement with China’s Digital Silk Road (DSR), arguing that it is best understood through the lens of Digitalpolitik, where digital infrastructures serve as instruments of geopolitical power. Using qualitative analysis, expert interviews, and an online survey, the study finds that the DSR strengthens Brazil’s digital ecosystem while simultaneously creating risks for its digital sovereignty.

The DSR—an extension of China’s Belt and Road Initiative—focuses on advanced technology fields such as 5G, AI, big data, cloud computing, and smart-city systems. China’s digital footprint in Brazil is already substantial, including Huawei-led 5G networks, submarine cables, data centers, surveillance technologies, and deepening participation in e-commerce and fintech through firms like Alibaba and Tencent.

Survey results show mixed perceptions: respondents largely view the DSR’s influence as positive, but many also identify security risks tied to dependence on Chinese digital infrastructure. The article concludes that Brazil’s growing integration into the DSR offers opportunities for digital modernization but increases vulnerability to foreign control of data, making it essential for Brazil to diversify partners and safeguard digital sovereignty.

Heath, T., Gallage, S., Chatzidakis, A., & Hutton, M. (2025). Dilemmas of Care (Re) Allocation: Care and Consumption in Pandemic Times. Journal of Business Ethics, 199(3), 507–527. https://doi.org/10.1007/s10551-024-05829-2

This article examines how the COVID-19 pandemic reshaped everyday consumption through the lens of care ethics. Drawing on twenty-eight in-depth interviews, it shows that the crisis exposed human vulnerability and intensified pressures on unpaid care work, revealing and deepening existing social inequalities. The disruption of daily routines blurred boundaries between home, work, and social spaces, forcing consumers—often women—to reorganize provisioning within compressed spatiotemporal constraints. This highlighted gendered expectations of care but also encouraged broader solidarities toward neighbors and local communities.

The study distinguishes between ethical dilemmas, where individuals prioritized caring for close dependents even when their actions conflicted with broader moral concerns, and ideological dilemmas, where participants questioned dominant norms such as anthropocentrism, individualism, and patriarchal care arrangements. Overall, the findings challenge narrow views of “ethical consumption,” arguing instead for a more expansive political theory of care that recognizes consumption decisions as central to social justice and everyday citizenship.

Silva, L., Freire, F., Azevedo, A., & Matos, R. (2025). Hiking tourism and rural development: The case of the Mondego Walkways, Portugal. PASOS Revista de Turismo y Patrimonio Cultural, 23(3), 831–841. https://doi.org/10.25145/j.pasos.2025.23.052

The article examines how hiking tourism contributes to rural development through a case study of the Pasarelas do Mondego in Portugal’s Serra da Estrela region. The study combines a survey of 299 visitors with 16 interviews conducted with local residents and stakeholders. Visitors were mostly Portuguese, relatively young, and highly educated; about half did not stay overnight, and for many the walkways were the main reason for their trip.

Findings indicate notable positive economic impacts, including increased tourist attractiveness, growth in local restaurants and accommodation, and new investments in rural lodging. Municipal data also show a rise in guest numbers and overnight stays after the walkway’s opening. However, several negative effects emerged, such as increased litter, higher prices, and growing dependence on tourism.

Perceptions diverged regarding depopulation: visitors tended to believe the walkways could help counter rural decline, while residents largely disagreed, seeing demographic trends as irreversible. The study also highlights seasonal limitations for visiting and emphasizes the need for strategies that enhance benefits while mitigating adverse impacts.

Novais, A. F., & Tavares, A. F. (2025). Governance models and performance in municipal solid waste management: Evidence from local authorities. Journal of Environmental Management, 386. https://doi.org/10.1016/j.jenvman.2025.125829

This article examines how different governance models used by Portuguese municipalities influence performance in municipal solid waste (MSW) management, focusing on selective collection and recycling. Using data from 278 mainland municipalities in 2020, the study identifies four key governance models: direct management, inter-municipal cooperation, municipal or inter-municipal corporations, and private contracting. Direct management dominates, used by 84% of municipalities. Governance choices are shaped mainly by financial autonomy, scale, population density, and institutional capacity. Larger or financially stronger municipalities tend to adopt corporate structures, while low-density areas prefer inter-municipal cooperation. Municipalities with greater administrative capacity favor direct management.

Performance analysis shows that Portugal struggles to meet national recycling targets. Inter-municipal cooperation performs worst, largely due to rural dispersion and financial constraints. Direct management achieves comparatively better selective collection and recycling outcomes, while corporate models show no significant advantage. Financial autonomy strongly supports environmental performance. Overall, the study concludes that no governance model is inherently superior; effectiveness depends on local context and resource capacity.

Tavares, T. (2025). The role of international reserves in sovereign debt restructuring under fiscal adjustment. Journal of Economic Dynamics and Control, 174. https://doi.org/10.1016/j.jedc.2025.105080

This article examines why highly indebted developing economies simultaneously hold large stocks of international reserves, despite the financial cost of doing so. The puzzle arises because reserves earn a low return while external debt carries a higher interest rate, making the coexistence of both positions seemingly inefficient. Nonetheless, many emerging economies maintain reserves exceeding 20% of GDP while holding external debt above 50% of GDP. The study argues that the benefits of reserves outweigh their costs through two main channels: insurance against sudden stops—allowing governments to smooth consumption and avoid default—and improved bargaining power in debt renegotiation, which raises recovery rates and reduces sovereign spreads. Empirical evidence shows that a 10-point increase in reserves relative to GDP reduces spreads by 48 basis points and decreases expected haircuts by 12–15 points. A sovereign default model calibrated to Mexico reproduces realistic reserve and debt levels, highlighting the roles of fiscal distortions and renegotiation. Overall, reserves function as a costly but valuable safety buffer that enhances creditworthiness.

Silva, J., & Abreu, F. (2025). Authenticity or opportunism: consumers’ perception of brand activism practices and the mediating role of consumer-brand identification. Journal of Brand Management. https://doi.org/10.1057/s41262-025-00417-9

This article examines how consumers’ perceptions of authenticity shape their reactions to brand activism, emphasizing the mediating role of consumer–brand identification (CBI). Using an experimental design with a fictional fashion brand (n = 372), the study contrasts authentic versus inauthentic activism by manipulating reliability, commitment, congruence, and benevolence. Results show a strong asymmetry: while authentic activism generates positive consumer responses, inauthentic activism triggers much stronger negative reactions, including lower identification, reduced purchase intentions, weaker willingness to pay a premium, and less favorable word-of-mouth. Perceived authenticity significantly enhances CBI, which partially mediates its effects on purchase intention and word-of-mouth. However, CBI does not mediate willingness to pay a premium, suggesting that identification alone cannot offset price sensitivity. Managerially, the findings highlight that authentic, consistent, and transparently communicated activism is essential, whereas perceived opportunism can seriously damage brand trust. Overall, consumers reward authenticity but punish inauthenticity far more intensely.

Raimundo, A., Ferreira-Pereira, L. C., & Jokela, J. (2025). Small European states and Brexit: comparing the coping strategies of Portugal and Finland. International Politics, 62(3), 634–652. https://doi.org/10.1057/s41311-024-00608-2

This article compares how Portugal and Finland, two small and peripheral yet core EU member states, strategically responded to Brexit. Both countries relied on EU sheltering—aligning with EU institutions and key member states—to mitigate external shocks. However, they also pursued hedging strategies in domains where Brexit created specific vulnerabilities. For Portugal, hedging was strongest in foreign and security policy, as it sought to counterbalance a potentially less Atlantic-oriented EU by strengthening bilateral ties with the UK and the transatlantic alliance beyond the EU framework. In contrast, Finland’s hedging was most visible in the political economy domain, where the loss of the UK as a liberal ally pushed Finland to form new coalitions, such as the New Hanseatic League, to safeguard economic interests. Ultimately, the study shows that coping strategies depend on each state’s exposure to Brexit, the institutional context of the policy area, and their commitment to EU integration.

Rocha, A. B., Figueiredo, H., Sá, C., & Portela, M. (2025). Mismatch matters: education and productivity in laggard and frontier firms. Journal of Productivity Analysis. https://doi.org/10.1007/s11123-025-00772-4

This article examines the impact of educational mismatch—both overeducation and undereducation—on firm-level labor productivity in Portugal between 2010 and 2019, using matched employer-employee data. Results show that undereducation consistently harms productivity, while overeducation contributes positively but modestly. The productivity benefits of overeducation rise along the productivity distribution: from 0.7% at the bottom decile (P10) to 2.2% at the top 1% (P99), suggesting that frontier firms are better equipped to utilize excess qualifications. Conversely, undereducation exerts a negative and stable effect across all productivity levels. Frontier firms display higher education levels and less undereducation, whereas laggard firms suffer from rising mismatch rates over time. Fixed-effects estimates reveal that fully aligning workers’ education with job requirements could increase firm productivity by 1.4%, primarily through reducing undereducation (≈1%), while reassigning overeducated workers would add ≈0.4%. The findings emphasize that matching education to job needs is key to enhancing firm performance.