Articles de revues sur le sujet « Investments, Foreign – Portugal »

Foreign direct investments (FDI), which are very important in the economic development of countries, prefer regions with free trade. Since the share of international trade in the world economy is constantly increasing, trade openness and foreign direct investments have become more important for countries. However, the increase in trade and FDI entries can have negative effects on the environment. Although many different variables are included in the literature as determinants of carbon emission, foreign direct investments are mostly taken as an explanatory variable with the effect of the economic globalization process. The aim of this paper is to analyze the relationship between FDI, trade openness and CO2 emission for the 1995-2019 period in 24 EU countries. The relationship between variables was estimated by applying panel AMG estimator and Emirmahmutoglu and Kose causality tests to series with cross-sectional dependency. Empirical results for the overall panel show that there is unidirectional causality from carbon emission to trade openness and FDI. There is a directional causality from FDI to trade openness for the general panel has been determined. When analyzed on a country basis, there is unidirectional causality from carbon emission to trade openness for Bulgaria, Italy, Latvia, Poland, Portugal and Slovenia. Likewise, for Austria, Denmark, Estonia, Finland, France, Germany, Poland, Portugal, Spain and Switzerland, there is unidirectional causality from carbon emission to FDI. In addition, when analyzed on a country basis, there is a one-way causality relationship from foreign direct investments to trade openness for Bulgaria, Italia, Latvia, Poland, Portugal and Slovenia. For Bulgaria, Finland and Germany, there is a one-way causality from trade openness to foreign direct investment. The importance of this study derives from the emphasis on the need for environmentally protective FDIs to reduce carbon emissions.

The paper examines the significance of legal protection of Chinese Foreign Investments in Lusophone markets with a specific reference to Bilateral Investment Treaties (BITs) with Cape Verde and Portugal and assesses how Macau SAR as a Lusophone society could play a positive role in facilitation of foreign investments. With the keen Chinese interest on Lusophone markets and its official designation of Macau as a facilitator, most studies have been focused on broader economic relations with them as a group and the present paper investigates the scope of legal protection in certain specific bilateral investment relations. The paper comparatively examines the scope of legal protection of Chinese investments in two sets of Lusophone markets namely those which have no BITs with China and those which have succesfully concluded the BITs (particularly Cape Verde and Portugal). Based on the analysis, key limitations and some potential barriers to bilateral investment flows are highlighted. The final part of the paper scrutinizes how Macau SAR could contribute to enhance investment flows between China and Lusophone markets, especially in the light of its legal system with a Portuguese influence. The paper concludes with a discussion on the need and viability of a regional investment protection and facilitation agreement under the auspices of the Forum Macau to address the identified challenges and promote the utitlity of related legal and other allied services Macau society could offer.

Development is directly associated with financial development, according to experts, the most efficient way to improve economy is to attract foreign investments. The foreign investment is crucial for a country’s development and growth. Financial instruments are the tools to govern and organize the economic activities of a country especially when it comes to foreign investments. Pakistan was the fastest growing economy of Asia five years prior. According to indicators Pakistan stock exchange was ranked at number 1 in Asia according to economic surveys and financial indicators. The economic performance of Pakistan is incredible. Pakistan was listed the best stock exchange in 2017. Similarly, despite being member of the European Union, Portugal was one of those countries which adopted industrialization very late. After adopting new economic trends and financial instruments, Portugal’s growth was rapid. Hence, the said two countries were the perfect pair to analyze the inclusion and role of financial instruments for attracting investors of growth, economy and international market. Current article was only one of its kind as it was the only study to specifically analyze the two countries on such specific areas. the analysis was done on the basis of available data provided by the governments of both countries to analyze the performance of both economies and the measures taken by both countries to attract the investors. The study gives a brief data of financial instruments being used by both countries and their contribution in attracting the investors.

This study investigated the possible causes behind the significant growth of the number of Iranians in Portugal. By considering the published reports, it was found that a major part of the Iranians are students or working in academic fields. A question that arises is why the number of Iranian students at higher educational levels or later academic activities is increasing in Portugal. To investigate this, a survey was disseminated between the Iranians resident in Portugal. The results showed that beside the available scholarships, the immigration policies are one of the main reasons in choosing Portugal. Investments in the educational system in Portugal and incentives for receiving foreign students are additional reasons that have increased the number of Iranians immigrating to Portugal. It was also found that the advanced levels of facilities, living expenses, etc. are other important factors that influence the number of foreign students, especially the Iranians in Portugal.

Using a newly-developed data set for Portugal, we analyze the industry-level effects of infrastructure investment. Focusing on the divide between traded and non-traded industries, we find that infrastructure investments have a non-traded bias, as these shift the industry mix towards private and public services. We also find that the industries that benefit the most in relative terms are all non-traded: construction, trade, and real estate, among the private services, and education and health, among the public services. Similarly, emerging trading sectors, such as hospitality and professional services, stand to gain. The positive impacts on traded industries are too small to make a difference. These results highlight that infrastructure-based strategies are not neutral in terms of the industry mix. Moreover, with most of the benefits accruing to non-traded industries, such a development model that is heavily based on domestic demand may be unsustainable in light of Portugal’s current foreign account position.

This paper investigates the relationship between geothermal energy consumption, economic growth, and foreign direct investments in countries where geothermal energy production is possible. Panel Fourier Granger causality and panel Fourier Toda–Yamamoto causality tests (2020–2021) were applied, which can take into account smooth transitional structural breaks with trigonometric functions using quarterly data for the period 2016 Q1–2020 Q3. Data were obtained from the International Energy Agency (IEA), Federal Reserve Economic Data (FRED), and the OECD official website. According to the results obtained based on panels, there is one-way causality from economic growth to geothermal energy and one-way causality from geothermal energy consumption to foreign direct investments. The results obtained based on individual countries indicate that one-way causality from foreign direct investment to geothermal energy consumption was found for Mexico and Portugal, and one-way causality from geothermal energy consumption to economic growth was found for Italy and Mexico. On the other hand, causality from economic growth to geothermal energy consumption was observed for Germany, Japan, and USA. No significant results were found for Turkey and New Zealand, and it is understood that the macroeconomic structures of these countries are not affected by geothermal energy. The difference in the results reveals that the application recommendations on this subject should also be different.

In the last fifteen years, the number of Brazilian students in Portugal has shown an increase of more than 600%. This trend was firstly driven by Portuguese economic recovery, which included investments in university education and incentives for receiving foreign students, through the international student statute, established in 2014. In the same year, Portugal started to accept the Brazilian national exams (ENEM) for the university admission, increasing the educational migratory flux once a directly access was stablished. Moreover, other secondary reasons led to this increase, such as the opportunity to study and live in a safer country and the possibility of obtaining a prestigious foreign degree. Currently, Brazilian students represent more than 33% of the foreign students in Portugal. However, the Brazilian students are highly concentrated in the top 3 Portuguese universities, Coimbra, Lisbon and Porto. In the specific case of the University of Porto, 73% of the foreign students are of Brazilian origin, with the Faculty of Engineering (FEUP) representing the largest contingent. This sharp growth in a specific group of foreign students on the engineering courses has created several important educational challenges, as the Brazilian students often exhibit higher failure rates in exams and curricular units as well as increased dropout rates when compared with Portuguese students. This is due to several factors, such as differences on the educational methodology, the quality of the high-school education, cultural differences, difficulty of adaptation and other socioeconomics aspects. The present work evaluates the causes behind the limited academic success of Brazilian students and introduces the measures and methodologies applied to the Brazilian students on the Faculty of Engineering of University of Porto, and on the Integrated Master’s in Mechanical Engineering (MIEM) in particular, in the pursuit of maintaining educational equality and ensuring success for all enrolled students, independently of their origin.

Economic growth is a prerequisite for economic development. However, there is no “recipe” for countries to create an environment of prosperity and to achieve high rates of economic growth. Many researchers have examined the drivers of economic growth and find that economic growth depends on many economic and institutional variables. In this context, the main objective of this paper is to examine the role of good governance on economic growth in piicgs countries (Portugal, Ireland, Italy, Cyprus, Greece, and Spain). The database was collected from many sources and the empirical analysis is based on a 2SLS (two-stage least squares) technique. In our empirical results, we find that trade openness, gross capital formation, inflation, political stability, rule of law, debt rule, budget balanced rule, and the combination between debt rule/budget balanced rule with political stability and combination between debt rule/budget balanced rule with rule of law are significant drivers of economic growth in piicgs countries while foreign direct investments, government effectiveness, voice and accountability, regulatory quality, fiscal rule index and expenditure rule are insignificant. However, the results may be different if we use other sample groups and/or different periods.

PurposeThis study aims to explain the role of health on economic growth for OECD countries in the context of sustainable development. Accordingly, the study investigates the relationship between health and economic growth in OECD countries.Design/methodology/approachThis study employed cluster analysis and econometric methods. By cluster analysis, 12 OECD countries (France, Germany, Finland, Slovenia, Belgium, Portugal, Estonia, Czech Republic, Hungary, South Korea, Poland and Slovakia) were classified into two clusters as high and low health status through health indicators. For panel threshold analysis, the data included growth rates, life expectancy at birth, export rates, population data, fixed capital investments, inflation and foreign direct investment for the period of 1999–2016.FindingsThe study determined two main clusters as countries with high health status (level) and low health status (level), but there was no threshold effect in clusters. It was concluded that an increase in the life expectancy at birth of countries with higher health status had no significant impact on economic growth. However, the increase in the life expectancy at birth of countries with lower health status influenced economic growth positively.Research limitations/implicationsThis study used data that including period of 1999–2016 for OECD countries. In addition, the study used cluster analysis to determine health status of countries, and then panel threshold analysis was preferred to explain significant relations.Originality/valueThis study showed that the role of health on economic growth can change toward country groups as higher and lower health status. It was proved that higher life expectancy can influence economic growth positively in countries with worse or low health status. In this context, developing countries, which try to achieve sustainable development, should improve their health status to achieve economic and social development at the same time.

The Transatlantic Trade and Investment Partnership (TTIP) is projected high-standard and inclusive free trade agreement which is being conversed between the United States (US) and European Union (EU). Transatlantic Trade and Investment Partnership is a chain of trade negotiations operating between EU and US. The TTIP is mainly about decreasing the regulatory obstacles to trade to open up a way for bigger businesses such as environmental legislation, food safety, sovereign powers of the individual nations and also banking regulations. The US and EU are two of the most integrated countries when it comes to economy globally. It is as a result of their trade in services, investments and the high commercial presence in each other's financial prudence. These two regions support each other when it comes to the economy, and that's why they are good trading partners in products and services. The EU and U.S trade and investment partnership which is sometimes referred to as transatlantic economy has a significant global relationship and creates a mutually beneficial understanding between the two states (Hoekman and Kostecki, 2009). The TTIP is one of the largest trade and investment partnership in the world and also the most significant because of its absolute size. It has many for example the European Union has 28 member states which include: Bulgaria, Cyprus, Belgium, Austria, Czech Republic, Estonia, Germany, Denmark, Finland. Greece, Ireland, Hungary, Italy, Netherlands, Poland, Slovenia, Lithuania, Romania, Spain, Latvia, Sweden, Portugal and United Kingdom are also part of the partnership. The initial negotiations on TTIP which was to become the first largest bilateral free trade and investment partnership agreement were earlier supported by a paramount and independent study of the Center for Economic Policy Research (CEPR). The study by CEPR was called Reduction of the Transatlantic Barriers to Trade and investment. The negotiations were mainly to provide independent advice to the two negotiators based on the additional research. Despite, TTIP being one of the largest trade and investment partnership, it has created both negative and positive impacts on the two states. There are benefits t being enjoyed by the member states such as job creation and home growth. The EU depends on the US exports; they can get investments from the US and also import the goods and services they require (Khanna, Palepu, and Sinha, 2005). Other positive impacts of the TTIP includes; upholding and promoting human rights, governing in a transparent manner that can hold to account individuals in authority and also has markets that can be open to free and reasonable competition and is well-regulated market areas. TTIP also protects the people and the planet through their international rules. For example, the rules look at everyone's health, their condition at workplaces, the endangered species around them and the entire environment. There are also challenges that have come out from TTIP in the field of politics and economics, poor labor standards, workers' rights and security of their workplaces, democracy, and state authority. Foreign shareholder protection, public health and the environment as a whole, health care, consumer safety and food security, climate change and environment protection, banking regulation and privacy and many others. Some competitors challenge the TTIP on slowness in services than in goods leading to difficulty in opening markets in service areas.

Abstract. The main provisions of the conceptualization of the introduction of social innovations in education and science, which constitute the internal content and is one of the main essential forms of economic development of modern society, are substantiated. It has been studied that the leading countries in terms of the number of the most innovative companies in the world are industrialized countries, high-income countries, as the United Kingdom (not a member of the EU since 2020), Ireland, Cyprus. However, Bulgaria, Italy, Malta, Germany, Portugal, Slovakia, Hungary, Croatia and the Czech Republic remain the least educated countries in recent years. There is a need for in-depth reforms of the education system and focusing on additional research missions. and business activities. It has been proven that one of the most important and widespread elements of the architecture of innovation infrastructure in the world, which is a supply component, is higher education institutions (HEIs), and the largest number of leading universities is in the United States and the United States. Kingdom. The role of social initiatives in increasing the competitiveness of Ukrainian higher education institutions is highlighted. budget funds in the future. The normative basis for such implementation may be the EU Public Procurement Directive. Based on a study of foreign experience in innovation, it was found that to stimulate innovation of domestic enterprises is important to improve the legislation governing issues related to innovation; improvement of innovation structure: creation of innovation centers, consulting centers, innovation banks; development of development programs and active state support of innovatively active enterprises and financial stimulation of competitiveness of Ukrainian universities and increase of motivational incentives for teachers of educational institutions. Keywords: social sphere, innovations, innovation project, rating of world innovations, investments, sustainable development, innovations in education. JEL Classification M41, H20, Н44, А1 Formulas: 0; fig.: 1; tabl.: 7; bibl.: 13.

Este trabajo intenta explorar las limitaciones de financiación percibidas por las pequeñas y medianas empresas (PYMES) portuguesas que realizan inversiones directas extranjeras (IED) productivas. Se basa en datos primarios y presenta un análisis empírico exploratorio. Los resultados demuestran una fuerte dependencia de los fondos internos y ligero énfasis en las deficiencias del mercado en la financiación de la IED, no reportando diferencias notables en las limitaciones de financiación entre las inversiones nacionales y extranjeras, pero esta renuencia de las PYMES portuguesas a la financiación externa no se corresponde con la voluntad de abrir el capital social a nuevos accionistas. Los empresarios portugueses no conocen alternativas para aliviar la dependencia de los fondos nacionales a la IED. Los bancos y el gobierno podrían contribuir en este campo, también recomendamos una mayor alfabetización financiera en las PYMES portuguesas. Este trabajo está limitado por su muestra y su naturaleza cualitativa. Aunque existe abundante literatura sobre el acceso a la financiación de los agentes económicos, hasta el día de hoy este trabajo es el primero que se centra en las PYMES portuguesas a través de datos primarios, de ahí su originalidad. Al informar sobre la reticencia de las PYMES a la financiación externa, puede mejorar la capacidad de los financiadores externos en captar esos clientes.

This paper aims to analyze the impact of corruption on firm innovation in Portugal, using data from the World Bank Enterprise Surveys on 1062 firms for 2019. We employ regression analysis and instrumental variables techniques to account for endogeneity in the corruption variable. Our results show that corruption fosters innovation in Portugal, regardless of the dependent variable we use to measure innovation. We have also analyzed the effect of corruption on innovation in foreign and domestic firms. While corruption boosts innovation for domestic firms, we found that the effect is not statistically significant for foreign firms. Our conclusions are of interest to policymakers, as any measure intended to fight corruption should consider its impact on firm performance. As this article shows, such an impact need not be negative. Nevertheless, if mitigating the impact of corruption is still intended, our results indicate that measures promoting foreign direct investment could help achieve this.

The aim of this work is to understand the impact of size on the performance of transnational corporations (TNCs) operating in the textile and clothing industry in Portugal during the COVID-19 pandemic. For this purpose, we used ORBIS data for the period 2019–2020 and narrative, financial and correlation analyses to assess the performance of five companies. Thus far, the impact of company size on the competitiveness of Portuguese textile affiliates during the pandemic has remained unexplored. The results show that smaller firms performed better than larger ones, likely due to the higher fixed costs of the latter at times when orders declined worldwide. Our analysis suggests that there are some characteristics of TNCs that matter in explaining company-level performance during crises, such as management experience and flexibility. Furthermore, as Portugal is a major European textile exporter, it is useful for the host country to assess the economic sustainability of its foreign investors. The results provide some policy recommendations regarding the promotion of foreign direct investment (FDI) in Portugal.

This article explores novel situations in which investment protection treaties might provide relief to foreign investors with respect to their intellectual property rights. In particular, the article considers circumstances in which foreign investors might have answerable claims when their intellectual property rights are not recognized—through, for example, a refusal to register—or are interfered with by third parties in a manner that could or should have been prevented by the national authorities. The potential role and impact of political motivation in state action or inaction is considered. In exploring these issues, reference is made to the case of Anheuser-Busch Inc. v. Portugal brought before the European Court of Human Rights, as well as other hypothetical scenarios.

This article presents an integrated vision of the context of the residential real estate market in Portugal. It analyses the evolution of several macroeconomic indicators during the last decade. The article is complemented with the analysis of the house prices, where an evaluation of average prices of apartments in Portugal according to different typologies and regions have been done. Regarding the market environment, several indicators are assessed, such as the evolution of interest rates, the evolution of households? credit, the consumption and construction confidence indexes and the evolution of foreign direct investment in housing. The conclusion is that after a booming period, the future of the real estate market is somehow worrying.

The debates around Chinese investment and the detrimental effects that it might have on States on the receiving end of it have led the European Union (eu) to pursue initiatives intended to protect the national interests of its countries. The emergence of populism in Italy, together with a growing Euroscepticism and political instability, decisively influenced Italy’s foreign policy on Chinese investmentrelated matters, which led its communication strategies to affect the EU at some points. Alternatively, Portugal’s internal stability and favorable opinion of the eu enabled this country to manage its relations with China while generally taking into account the preservation of the European vector’s stability.

This paper revisited the link between intra-industry trade (IIT) between Portugal and Spain and Portuguese carbon dioxide (CO2) emissions. The research also considers the effects of foreign direct investment (FDI) on CO2 emissions, pondering the arguments of the pollution haven hypothesis and the halo hypothesis. As an econometric strategy, this investigation has applied panel data, namely a Pooled Mean Group of an Autoregressive Distributed Lag (ARDL) model and Panel Quantile Regression (PQR). The preliminary unit root tests indicated that IIT, Portuguese and Spanish renewable energy, and Portuguese FDI are integrated into the first differences and stationary with the second generation test (Pesaran methodology). In the next step, this study applied the multicollinearity test and cross-dependence between the variables. The variance inflation factor test demonstrated that FDI and IIT have no multicollinear problems. However, as expected, collinearity exists between Portuguese and Spanish renewable energy. Regarding the cross-sectional dependence test, this investigation concluded that the variables have a dependence between them. The cointegration test revealed that the variables are overall cointegrated. In the econometric results with the ARDL estimator, this investigation has found that IIT between Portugal and Spain is negatively correlated with Portuguese CO2 emissions, showing that this type of trade encourages environmental improvements. However, the PQR demonstrates that there is an opposite relationship. According to this, Portuguese and Spanish renewable energy is negatively impacted by CO2 emissions, revealing that renewable energy aims to decrease pollution. Finally, Portuguese FDI reduces CO2 emissions, which is explained by product differentiation, innovation, and monopolistic competition.

When Portugal began building railways in its mainland territory in the 1850s, the main goal was to connect its harbours (mainly Lisbon) to the border with Spain (and beyond to Central Europe). This strategy left out of the network vast areas of the nation, some of which were perceived as very rugged, poor, and with low economic potential, where the construction of a railway was not cost effective. The same quandaries existed in the colonies, where investment in public works started in the 1870s. To bring railroads to these regions, it was necessary to find a low-cost technical solution. That solution was narrow-gauge railroads. In this paper, we analyse how this technology was transferred from Central Europe to Portugal and its colonies via a travel circuit of learning by Portuguese engineers and how it was developed through a mixture of Portuguese and foreign expertise.

Abstract The aim of this paper is to examine the factors that explain the observed differences in inward foreign direct investment (FDI) performance between the peripheral southern eurozone countries (namely Greece and Portugal) and the eight Eastern EU members (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia) that joined in 2004. The empirical analysis, which is based on the estimation of a panel-econometric model during the 2004-2016 period, provides for Greece and Portugal policy relevant insights with respect to improving the international competitiveness and attracting more FDI inflows vis-a-vis Eastern EU countries, which have outperformed the two southern eurozone members. The results indicate that, among other factors, positive differences in labour costs and corporate tax rates between southern eurozone members and Eastern EU member states largely explain the observed differences in inward FDI performance among those two country groups. The higher labour costs and corporate taxation in Greece and Portugal exhibit a strong negative impact on their relative inward FDI performance vis-avis Eastern EU members. Furthermore, differences in economic openness and integration into vertical production networks also have a significant effect on inward FDI performance.

This study reviews research and provides discussions on various aspects of optimal currency areas, the link between debt and growth rates, and government debt levels for the PIIGS countries which consist of Portugal, Ireland, Italy, Greece, and Spain. Ten years after the Great Financial Crisis (GFC), and five years after 2013, the year of peak debt levels to GDP for the PIIGS countries and the year of the lowest real GDP levels between 2011 and 2018 for the PIIGS countries, this study provides an assessment of PIIGS country performance relative to each other and to the EU. The study time frame includes the years 2013 and 2018 using twelve measurements grouped into four sections which provide insight into the economic performance of the PIIGS countries. The sections are Trade Flows, Industry / Debt / Foreign Direct Investment (FDI), Demographics, and Economic Outcomes. Based on a summary analysis of the measurements, the overall ranking is: Ireland, followed by the EU, Spain, Portugal, Italy then Greece.

Since late 2009, an EU sovereign debt crisis has been lingering. The ability of most of the so-called PIIGS States ( Portugal, Ireland, Italy, Greece and Spain) to fulfil their obligations under bonds issued to private investors is still unclear. In case Bilateral Investment Treaties (BITs) entered into by these States cover claims in connection with the default on or restructuring of such instruments, this could give rise to unequal positions of creditors, depending on their home State. Not only could this give rise to inequality between non-EU and EU investors, such different positions could also occur between investors in different countries of the EU and even of the Eurozone. This Article reviews the scope (ratione materiae) of existing intra-EU BITs of the PIIGS States with respect to sovereign debt instruments and restructuring of sovereign debt. The author advocates in this Article a need to amend BITs of EU countries to unambiguously allow for lawful sovereign debt restructuring without compensation being due to investors and to consider the desired scope of a possible new EU investment protection instrument on this subject. Moreover, in view of the 'no bail-out clause' in the Treaty on the Functioning of the EU (TFEU), sovereign debt instruments issued by individual EU Member States should be excluded from the protection under Foreign Trade Agreements to be entered into by the EU and third countries.

The maritime and land trade of the City of Ragusa (Dubrovnik) and its surroundings has always been “the corner stone” on which the grandeur of Dubrovnik, its political and economical power and culture were built. As early as 1441, the Dubrovnik trade was considered to consist of 3/4 of the maritime and only 1/4 of the land based trade. In 1181, the comunitas ragusina - the Commune of Ragusa was mentioned for the first time; as the time went by, it became the City-state. It was named The Ragusan Republic in 1430. The treaty concluded with Turkey in 1442 was in force up to the twilight of the Dubrovnik Republic (1806). It was convenient for Ragusans to have a sole ruler and a single state in their neighbourhood, not to mention how stubborn and quite often wanton ones. In his work “Mari, Gol , Isole,...” (1688.), Vincenzo Coronelli, the mapmaker, said about the Ragusans: “...They are the most ardent defenders of their freedom, putting in a great deal of effort to secure it, and at the same time, hating any kind of slavery...”. The Ragusan vessels were attacked by the pirates from Rhodes from 1507-1509 and later on. The main reason for flourishing of Ragusan shipping and trade was based upon focussing on their public life within these domains. The Ragusan Republic depended upon its investments into maritime affairs and assistance offered through stimulations, interaction of processes and consequential strengthening of its own prosperity (its enriched citizens). The Ragusan Maritime Insurance Law (Ordo super assecuratoribus) of March 5th, 1568 is the oldest enacted law in the world, and in this way it was more than a century older than legal regulations on the maritime insurance - Ordonnance de la marine of 1681. Apart from the main shipyard in the old City port (in portu interiori Ragusii, in portu Ragusii), up to the construction of the new shipyard in Gruž (1526) there were shipyards in Ston and in the nearby islands of Lopud, Šipan (in Suđurađ) and Koločep (Kalamota) already in the 14th century. Palladius Fuscus (1450-1520), in his work De situ orae Illyrici (published posthumously in 1540) cited that “there was no such a secluded part of Europe or one so inaccessible to the newcomers, where you would not encounter Ragusans practicing their merchant activity”. According to some researchers, Ragusa was the third strongest force in the Mediterranean (after Genoa and Venice) in the 14th century. The Ragusan Republic was the first in the Mediterranean in the 16th century and, in terms of their trading ocean-going sailing vessels under Ragusan and foreign flags, it was the third in the world (after Spain and the Netherlands). In his work Nautica Mediterranea (Rome, 1602, pp. 4-5), Bartolomeo Crescentio said: “...among experts and master craftsmen for galleons are the most numerous, and the most capable in this (the Mediterranean Sea, observation of the author) are Ragusans”, and Pantero Pantera in his work L’Armata Navale (Rome, 1614, p. 66) wrote down: “...while for navas and galleons building, masters of Dubrovnik, Portugal and England were highly esteemed”.”Argosy”, in fact, means “a Ragusan ship”. Many endeavours and achievements in the art of shipbuilding raise the East Adriatic coast above the West one, since it had most frequently been a successful way in which ships and men reached di erent parts of the world.

The objective of this paper is to empirically examine the relationship between the firms’ ownership and control structure, in particular the presence of foreign capital, and their internationalization levels, measured in terms of intensity and diversification. The international performance of Portuguese SMEs, which is crucial for the domestic economy’s growth, depends on a multitude of factors, with the existence of foreign investment inflows directed to industrial SMEs being a usually forgotten factor. This paper fills that gap using a balanced panel data of 5722 firms for the period from 2010 to 2017, researching if the presence of foreign capital influences the level and scope of internationalization, and controlling the effects of other variables such as profitability, age, size, indebtedness and sector of activity. The origin of foreign capital is also considered, being researched if issues of institutional or development differences exert any influence over firms’ internationalization. The results evidence that the presence of foreign shareholders in SMEs positively influences internationalization and that the distance variable positively correlates with the internationalization measures. Moreover, there seems to exist a non-linear relationship between the development level of the country of origin of the share capital and internationalization, with the results indicating that firms with share capital originating from more advanced countries attain a higher degree of internationalization. As SMEs in Portugal face increasing competition, joining hands with resource-rich investors such as foreign corporations and institutional investors would be a fruitful strategy to enhance the international competitiveness of Portuguese firms.

ABSTRACT Objective: To characterize the experiences of undergraduate students of the School of Nursing of the University of São Paulo (EEUSP) who participated in international mobility programs between January 2011 and July 2017. Method: Exploratory, descriptive study with quantitative approach. Of 68 reports, only 38 (56%) were considered valid and were submitted to descriptive statistical analysis. Data were categorized in general, institutional, academic and cultural aspects and cost of living. Results: The main destination was Portugal and the years with most participation were 2012 and 2013. The mean stay was six months and the students took a mean of three to four courses. The main funder was the university of origin. Conclusion: Academic activities were limited to theoretical and practical courses, with little insertion in research. There is a need to increase investment in learning other languages and to expand partnerships with larger centers of foreign education and research.

Over the last decades, the globalization of the food and agriculture sector has fueled international labor migration to rural areas in Southern Europe. Portugal is no exception to this trend, as the intensification of foreign investment in agriculture combined with a declining and ageing workforce created a demand for flexible immigrant labor. The Eastern European and Asian immigrant workers who answered the industry’s call were confronted with poor working conditions and lacking access to public services. In this article, we zoom in on the governance challenge that the presence of precarious immigrant workers (PIWs) poses to rural municipalities in the south of Portugal. The burgeoning literature on local integration policies mainly focuses on how cities deal with the challenge posed by international labor migration. This article draws on a detailed case study of the municipality of Odemira to argue that more attention needs to be paid to emerging local migration regimes in non-urban localities. By adopting a regime-theoretical approach, we study how power relations between the local government, civil society, and the private sector play out around the question of immigrant reception. Our study suggests that immigration policies in rural localities are increasingly being developed through cooperation and coproduction between public and private actors. First, we demonstrate how the presence of PIWs is perceived as a policy “problem” by each actor. Second, we outline how a governing coalition formed around the shared concern to improve arrival infrastructures, stimulate integration, mediate socio-cultural impact, and accommodate business interests. We conclude by critically questioning the impact that emerging local migration regimes have on the rights and social position of PIWs in rural contexts.

The article analyzes the use of land resources of countries in the context of globalization. Investment-attractive regions have been identified, the socio-economic and political conditions of which contribute to the seizure of land by foreign investors. Sources of food security of countries with developed economies are substantiated. Peculiarities of formation of land and resource space of European neo-colonial countries are determined. One of the most important historical events in the political and socio-economic dimensions of the world was colonialism, associated with the development of capitalism. In the book, Eric Wolfe, "Europe and People Without History", describes in detail the global expansion of the borders of European states in order to control both human and natural resources, as well as to expand global development and promote Christianity. European colonialism became an early form of globalization that shaped most of the world's current political borders. In this way, technologies, food and ideas based on the colonial countries - Britain, Spain, France, Portugal and the Netherlands, etc. were transported. The main goal is to use the limited resources of the colony country and make a profit. This approach is called neocolonialism (corporate colonialism), just as classical European colonialism aims at the comprehensive exploitation of natural resources, labor, and markets for superprofits.

The literature on FDI entry modes and corruption tends to convey the idea that corruption leads to a choice between low equity modes, i.e. joint ventures with local partners, and non-equity modes, namely exports and contracting, in order to avoid contact with corrupt state officials. Recently, some studies have argued that despite corruption, linguistic and historical ties between home and host countries lead MNCs to prefer high-equity modes. Focusing on a rather unexplored setting, the African countries, most specifically the Portuguese-speaking ones (PALOP – Países Africanos de Língua Oficial Portuguesa), which include countries where levels of corruption are very high (e.g., Guinea-Bissau and Angola), high (e.g., Mozambique, Sao Tome and Principe), and intermediate (e.g., Cape Verde), maintaining also close linguistic and historical ties with Portugal, we found that the FDI entry mode is associated with the less corrupt markets. Thus, our results do not support the recent contention that cultural and historical links are likely to perform a mediating role, by fostering foreign direct investment, in supporting African countries to overcome the dismal growth some have been facing in the last few decades. On the contrary, our findings highlight the pressing need for these countries to combat corruption if higher economic growth via FDI attraction is envisioned.

Following Portugal’s return of Macau to the People’s Republic of China in 1999, the local government liberalized the city’s casino gaming monopoly and opened the industry to foreign investment. As a result, Macau has become the world’s most lucrative site of casino gaming revenue, and a model for other regional states which are pursuing casino gaming-driven development. This article entails a post-structural analysis of neoliberal governance in Macau and a genealogy of the resulting post-socialist consumer subject. Framed by a critical engagement with Aihwa Ong’s theory of “neoliberalism as exception,” analysis reveals that Macau’s economic growth was enhanced, not by optimizing technocratic rationalities, but by reactive measures taken up by different actors, at several different scales, to address three governance crises of public order, public finance, and public health. What appear to be neoliberal interventions in the Macau economy are often exposed as contemporary iterations of latent governmental forms. These various factors form a dispositif, or apparatus, of subjectification.

The aim of the paper is to examine the relationship between foreign direct investment (FDI) and economic growth in EU15 countries over the period 2002-2018. EU15 makes a group of countries which entered the EU prior to the biggest enlargement in 2004, namely latest in 1995 (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom). Paper findings contribute to the existing literature on the impact of FDI on economic growth. It employs different unit root tests, panel cointegration test (ARDL model) and Granger causality. Estimated panel ARDL model found some evidence that there are long-run equilibrium between LogGDP, LogFDI and LogFDIP series. The rate of adjustment back to equilibrium is between 4.43% and 5.95%. The long-run coefficients are all positive, but not all of them are statistically significant. In case of LogFDIP series long-run coefficients are statistically significant, varying between 0.1226 and 0.4398. These coefficients indicate that 1% increase in LogFDIP (logarithm of FDI to GDP) increases LogGDP between 0.1226% and 0.4398%. Results of Dumitrescu-Hurlin panel causality test indicated that there is only unidirectional causal relationship from GDP growth rate to FDI growth rate, and from GDP growth rate to LogFDIP. Conclusively, there is only a weak evidence that FDI had statistically significant impact on the GDP in EU15 countries.

Purpose The existing literature suggests that multinational corporations (MNCs) divest subsidiary units whenever they cease to enjoy the advantages of ownership, location or internalization. However, not all MNCs divest under these conditions. This paper aims to explore the factors that contributed to the survival of a particular subsidiary and prevented it from being divested. Design/methodology/approach The analysis focuses on an individual subsidiary of a large foreign MNC in the electronics industry, which divested other subsidiaries from Portugal. Data were collected using semi-structured interviews. Findings The subsidiary’s diverse customer base, specificity and high level of efficiency, the local advantages, the existing governmental agreements and the parent MNC’s previous unsuccessful relocation experiences seem to have contributed to the survival of the subsidiary. Research limitations/implications Although the results of the case study are not generalizable to the entire population of firms, the featured case study is a rare survival success story in the Portuguese electronics industry. Practical implications The proposed framework may offer public authorities measures to create conditions to encourage firms to retain their investment in a particular site. For corporate strategists, new perspectives on subsidiary survival are provided. Originality/value This paper is one of the few qualitative studies in the field of subsidiary survival. The results offer an integrative framework on which factors contribute to the survival of a subsidiary located on a comparatively unfavorable labor cost location and support the role of the organizational learning and of previous failed relocation experiences and relocation barriers when a parent MNC decides whether to retain a unit.

Purpose – The purpose of this study is to identify the main drivers which can explain the relative success of BRIC countries (i.e. Brazil, Russia, India and China), collectively and individually, in attracting foreign direct investment (FDIs). Unlike previous studies that have identified gross domestic product (GDP) as a major determinant, we find that for the sampling period 1980-2008, social variables (namely, high population growth and educated labor) and political variables account for 40 and 7 per cent of the variance in net inward FDI, respectively, and no importance for economic variables. Interestingly, for a sub-period (1999-2008), we observe the salience of financial (namely, sizable GDP economy, favorable net trade balance and controlled currency risk and sovereign debt risk) determinants of inward FDI (R2 is 44 per cent). On the other hand, when testing individual countries, it seems that FDI determinants are not universal as each country enjoys different characteristics and sources of strengths that attract FDIs. The implication is to focus more on those incentives that the host country is weak in to be able to optimize the amount of FDI flowing in from foreign investors. Design/methodology/approach – Three blocks of variables were examined: economic/financial, social and political variables. The economic/financial variable set expands on a prototype developed by Dunning (1981), which distinguishes three types of influences on inward FDI. First, it suggests some domestic market characteristics to influence FDI. They include the market size and the direction of trade flows. Another set of economic/financial factors includes measure of the host country’s overall financial performance such as the inflation rate and the effectiveness of the service sector. Social factors of the host country are considered an important determinant of FDI. Our social model included: the degree of human capital development, the extent of urbanization, the quality of life and the adequacy of the health-care system. Political factors were also considered. Using the STATA statistical package, we run a regression analysis on our transformed data twice: once over the full sampling period (1980-2008), and a second time using a partial data set covering the past 10 years (1999-2008), after controlling for multicollinearity and other econometric problems. Findings – Regressing net FDI inflows on all financial, social and political variables during the full data series (1980-2008), and after controlling for severe econometric problems, the nested block regression concludes that the social variables account for 40 per cent of the change in net inward FDI, followed by political variables (7 per cent). The nested regression for the past 10-year data series (1999-2008), however, shows the economic/financial variables block and social variables blocks contribute the most to FDI variations (R2 is 44 and 7 per cent, respectively), while political variables appear insignificant. The findings for each individual country show that the four countries have few common determinants. Research limitations/implications – Our results are not without limitations. Our sample is limited to BRIC countries that had attracted significant FDIs in the past two decades. Testing for a larger set of countries with smaller or less attractive countries included could be useful before any final conclusions can be drawn. Also, this research can be extended to cover the busted 2008-2010 years. It would be interesting if our results still hold in recent down market conditions. For example, in early 2008, there was a big credit crisis in the USA, followed by a universal market crash in September and October due to large financial institutions collapsing, which resulted in the recent bubble explosion. More recently, we witnessed the European financial crisis beginning with the Greece debt default (followed by fears in Spain, Portugal and potentially others). Practical implications – Overall, our findings suggest that individual countries enjoy different levels of strengths in economic/financial, social and political variables. A country that strives to attract more inward FDI may consider focusing more on those unique country-specific incentives that it is weak in to be able to optimize its intake of FDIs. Originality/value – The main goal of our paper is to bring updated evidence on the relevant set of incentives which have made the BRIC block the penchant for FDI, and whether these incentives are the same for each of the BRIC countries. Our paper makes three major contributions. First, it expands Mathur and Singh’s (2007) set of explanatory variables, especially to reflect the effect of financial markets and economic conditions (such as currency exchange rate risk, level of real interest rate, size of national debt, sovereign credit rating risk and inflation), new social variables (such as life expectancy at birth, people receptivity to foreign investors and the number of graduate degree holders) and new political variables (host country’s level of restriction on capital repatriation). Second, it brings more updated evidence by using a longer sampling period (1980-2008). Third, we test BRIC as a group and we retest individual BRIC countries. We also ensure that our results are free from econometric (autocorrelation and heteroskedasticity) problems.

Background: This article seeks to complement the previous literature and clarify the particularities of the capital structure policy of firms with foreign direct investment in Angola.Aim: This article seeks to identify the determinants of the capital structure of Portuguese firms with direct investment in Angola and to understand whether the determinants normally considered by standard finance theory are in line with those used by firms when structuring their capital structure policy to participate in the specific market of Angola.Setting: This article examines 26 large Portuguese firms with investments in Angola using econometric panel data for the period 2006–2010.Methods: The study applied fixed and random effects methods and panel-corrected standard errors that maintain efficiency and unbiased behaviour even in the presence of panel-level heteroscedasticity and contemporaneous correlation of observations among panels.Results: The results provide evidence that the determinants normally considered by standard finance theory are in fact – in terms of sign and coefficient dimension – those used by firms for structuring their capital structure policy when involved in the internationalisation process of entering Angola. Specifically, age, asset structure, return on assets and tangibility have a positive influence on the capital structure of Portuguese firms that have invested in Angola, while non-debt tax shields and liquidity have a negative influence on these companies’ leverage ratios. When comparing our results with studies that have analysed the capital structure determinants of listed Portuguese firms – firms belonging to the PSI 20 Index and large firms in the Portuguese corporate sector – we found similarities in the sign and coefficient dimension of the determinants of capital structure. However, the profitability coefficient sign is in line with the trade-off framework (i.e. profitability is positively related to debt) but not with pecking order theory (i.e. profitability is negatively related to debt).Conclusion: Our results suggest that the high-growth Angolan market is seen by larger Portuguese firms as a low-risk diversification process because of the economic hardship Portugal has gone through, as well as cultural and linguistic similarities to Portugal. As such, the Angolan market is seen as an extension of the Portuguese domestic market that has increased potential. This scenario potentially reduces the firm default probability and the cost of debt. Maintaining the tax shield benefits of debt and decreasing the cost of debt – through a reduction in the default probability – have induced profitable firms to use more debt.

This article assesses the causal relationship between outward foreign direct investment (FDI) and various sides of firm performance, using micro data from Portuguese manufacturing firms during 2006–2014. To control for the possible endogeneity of outward FDI strategies, propensity score matching is combined with difference-in-difference approach. Our analysis shows that the learning effects for parent firms in Portuguese manufacturing depend on the underlying outward FDI strategy. The findings suggest that outward FDI could contribute to enhance firms’ productivity and their scale of operations. However, those learning effects seem to be mostly visible when firms engage in vertical outward FDI. Further, outward FDI, vertical or horizontal, appears to enhance the integration of Portuguese firms into the global economy through increased export intensity. From a managerial and policy perspective, the findings support the argument that outward FDI can indeed be at root of upgrading performance and firm’s restructuring in a small, open and peripheral economy such as Portugal.

EMBEDDEDNESS OF TRANSNATIONAL CORPORATIONS: A STUDY OF THEAUTOMOBILE CLUSTER IN PORTUGAL. The research carried out in this paper aims at understanding the economic action of embeddedness on ongoing socio-spatial structures and to conceptualise the role of inward investment in the regional development process. The stereotypical plundering of regional resources by foreign capital seems, in many cases, to belong to the past. Large firms, such as the transnationals, tend to emulate some organisational models characteristic to firms established in industrial districts, so that they develop strong ties with the socio-spatial structure. The study of the automobile cluster polarised by Autoeuropa comprehends the analysis of linkages between Autoeuropa and the suppliers, corporate culture and institutional relations in different domains. The results of the study are clearly against the stereotype of «cathedral in the desert» and somehow lend support to the possibilities of transnational corporations embeddedness in the spatial structures of ongoing social relations.

INDUSTRIAL DIVESTMENT AND PORTUGUESE REGIONS WITHIN THE CHANGES IN THE INTERNATIONAL ECONOMIC SPACE. The spatial impacts of capital mobility, especially foreign capital, are becoming increasingly complex and are extent, divestment is, in essence, another strategic option of firms and it may not be necessarily negative for regions. Still, the impacts are not identical to investment. In economic analysis, divestment in certain activities is seen as necessary to achieve regional economic restructuring. However, the time gap between the creation and destruction of activities frequently causes social and economic problems in regions. Starting with a conceptual framework of divestment, we then analyse the recent evolution of industrial employment and product in order to provide a macro-economic framework for the analysis of employment creation and destruction flows that follows. This analysis has a sectorial and regional perspective aimed at identifying different paths by regions. Finally, specific cases of foreign divestment, which have recently occurred in Portugal, are discussed, illustrating not only a micro-economic perspective of divestment but also the changes in the global value chains that point to a (re)positioning of the country in the international division of labour.

Purpose The net outward investment position (NOIP) indicator is insufficient for the purposes of understanding firms’ internationalization decision-making behaviour. The indicator does not allow for the withdrawal of insights into the structure of an economy and is a weak predictor of the degree of foreign direct investment. The purpose of this paper is to argue that a typology of firms aggregated according to intrinsic characteristics of those firms is a better predictor of the degree of internationalization of an economy than the NOIP. Design/methodology/approach This paper uses a database of 2,133 firms located in Portugal with international operations, made available by AICEP, a government agency. This paper uses multiple correspondence and cluster analyses to build a typology of firms and obtains evidence of common characteristics of the constituent groups. Findings This paper identifies a typology of firms characterized by five types differentiated by firm age, length of internationalization process, sector of economic activity, legal status and psychological/cultural proximity. These variables suggest an evolutionary, iterative, self-learning approach to internationalization, which can be better explained by the combined use of the investment development path (IDP) framework, the Uppsala Evolutionary School and Vernon’s product life cycle theory. Additionally, this paper finds that the most striking differences between developed and developing host countries are in terms of the economic sector, legal status of the firm and belonging (or not) to an economic group. Originality/value This paper establishes a link between the IDP framework, the Uppsala Evolutionary School and Vernon’s product life cycle theory, using a categorization of firms made according to selected characteristics to understand the internationalization of firms.

Abstract Foreign direct investment (FDI) flows from developed to developing countries may increase carbon emissions in developing countries as developing countries are seen as pollution havens due to their lenient environmental regulations. On the other hand, FDI flows from the developed world may improve management practices and advanced technologies in developing countries, and an increase in FDI flows reduces carbon emissions. Most of the existing studies examine the relationship between FDI flows and carbon emissions by using aggregate FDI flows; however, this paper contributes to the literature by analyzing the impact of FDI flows on carbon emissions in Brazil, Russia, India, China, and South Africa (BRICS) between 1993 and 2012 using bilateral FDI flows from eleven OECD countries. According to our empirical results, from which OECD country FDI flows to BRICS countries matters for carbon emissions in BRICS countries. Our results confirm that FDI flows to BRICS countries from Denmark and the UK increase carbon emissions in BRICS countries, confirming the pollution haven hypothesis. On the other hand, FDI that flows from France, Germany, and Italy reduced carbon emissions in the BRICS countries, confirming the pollution halo effect. FDI flows from Austria, Finland, Japan, Netherlands, Portugal, and Switzerland have no significant impact on carbon emissions in BRICS countries. The BRICS countries should promote clean FDI flows by reducing environmental damages, and investing countries should be rated based on their environmental damage in the host countries.

The article analyzes the use of land resources of countries in the context of globalization. Investment-attractive regions have been identified, the socio-economic and political conditions of which contribute to the seizure of land by foreign investors. Sources of food security of countries with developed economies are substantiated. Peculiarities of formation of land and resource space of European neo-colonial countries are determined. One of the most important historical events in the political and socio-economic dimensions of the world was colonialism, associated with the development of capitalism. In the book, Eric Wolfe, "Europe and People Without History", describes in detail the global expansion of the borders of European states in order to control both human and natural resources, as well as to expand global development and promote Christianity [1]. European colonialism became an early form of globalization that shaped most of the world's current political borders. In this way, technologies, food and ideas based on the colonial countries - Britain, Spain, France, Portugal and the Netherlands, etc. were transported. The main goal is to use the limited resources of the colony country and make a profit. This approach is called neocolonialism (corporate colonialism), just as classical European colonialism aims at the comprehensive exploitation of natural resources, labor, and markets for superprofits.

PurposeAlthough some research has been carried out on feedback trading in different asset classes, there have been few empirical investigations that consider both major and emerging stock markets (Koutmos, 1997; Antoniou et al., 2005; Kim, 2009) stock index futures (Salm and Schuppli, 2010). In this study, the author examines positive/negative feedback trading in both developed-emerging-frontier-standalone (51) stock markets for 2010–2020 and sub-periods including COVID-19 period.Design/methodology/approachThe hypothesis “feedback trading behaviour led the price boom/bust in the stock markets during the first quarter of COVID-19 pandemic” is tested by employing the Sentana and Wadhwani (1992) framework and using asymmetrical GARCH models (GJRGARCH, EGARCH) in accordance with the empirical literature.FindingsThe following conclusions can be drawn from the present study; (1) There is no evidence to support a significant distinction between developed, emerging, frontier or standalone markets or high/upper middle, lower middle income economies in the case of feedback trading. It is more likely to be a general phenomenon reflecting the outcomes of general human psychology (2) in the long term (2010–2020) based on the feedback trading results Asian stock markets appear to be far from efficiency.Research limitations/implicationsStock markets are selected based on data availability.Practical implicationsSeveral inferences can be drawn about overall results. First, investors and portfolio managers should beware of their investment decisions during bearish market conditions where volatility is on the rise and also when there is a strong reaction to bad news/negative shocks in the market. Moreover, investing in Asia stock markets may require more attention since those markets are reputed to be more “idiosyncratic”, less reliant on economic and corporate fundamentals in their pricing. Moreover, the impact of foreign investors on stock market volatility and returns and weaker implementation of regulations also affect the efficiency of the markets (Lipinsky and Ong, 2014).Originality/valueTo the best of the author’s knowledge, most studies in the field of feedback trading in stock markets have only focused on a small sample of countries and second, the effect of COVID-19 uncertainty on the stock markets have not been addressed in the literature with respect to feedback trading. This paper fills these literature gaps. This study is expected to provide useful insights for understanding the instabilities in stock markets particularly under conditions of high uncertainty and to fill the gap in the literature by comparing the results for a large sample of countries both in the long term and in the pandemic.Highlights for reviewThis study has shown that feedback trading is more prevalent in Asian stock markets in the long run in Europe, America or Middle East for the period 2010–2020.Positive feedback traders generally dominated most of the stock markets during the early period of COVID-19 pandemic.Another major finding was that the stock markets in Malaysia, Japan, the Philippines, Estonia, Portugal and Ukraine are dominated by negative feedback traders which may be interpreted as “disposition effect” meaning that they sell the “past winners”.In Indonesia, New Zealand, China, Austria, Greece, UK, Finland, Spain, Iceland, Norway, Switzerland, Poland, Turkey, Chile and Argentina neither positive nor negative feedback trading exists even under uncertain conditions.

Introduction Despite the emphasis on the theoretical definitions of the concept of “creativity“ and its impact on cities, it is still uncertain, difficult to measure and limited. Creativity and its impacts are difficult to generalise because of the multiplicity of approaches and a lack of comparative analysis. The concept of creativity and its reflection on cities represents a paradigm that brings together academics from different fields, including cultural economists, those working on economic development and innovation, sociologists, economic geographers, and urban planners. The creative economy has been associated with the knowledge economy and innovation since its onset in the 2000s and extends to the creative industries (Caves), the creative class (Florida), and creative cities (Landry; Florida et al.). Given that the term "creative" is still primarily associated with the arts and sciences, Landry points out that two major issues shape our understanding of creativity: first, the power of thoughts and ideas in shaping our mindset, and second, the significance of culture as a creative resource (Landry). Creativity is generally accepted as a critical urban phenomenon, and is viewed as one of the determining factors in the development and growth of cities. For a city to be defined as ‘creative’, it would be characterised by many aspects of ‘cultural cities’ (Scott) and ‘cities of knowledge’ (Yigitcanlar et al.). Creative industries, which provide the foundation for the production of culture and creative products, require a unique environment supported by the public sector to flourish, and they thrive on proximity and strong networks that enable information sharing and exchange. Although accepted as a crucial element of contemporary cities, the use of ‘creativity’ in city development may not be a straightforward task. Globalisation plays an important role in spotlighting creative cities as drivers of global change and innovation. The emphasis on creativity as part of the global city culture incentivises cities to focus on these activities as valuable assets. This view has been reinforced by global initiatives such as the designation of the European Capital of Culture (ECoC). City administrators view innovation and creativity as critical drivers for a more sustainable and inclusive means of urban development. This article lays out how drivers of creative output, design events, and creative industries contribute to local initiatives in the global city of Istanbul: a city that accommodates some of the most long-standing and established craft spaces as well as newly developing creative and design industries. This article provides a critical perspective on cultural frameworks from the perspective of local stakeholders and networks in Istanbul's Tomtom neighbourhood, the most invested district in terms of the city's cultural future, where creative industries are the main focus. Using the Creative Cities Network as a Creative City Identity The creative city concept is used by urban sociologists, geographers, urban planners, and economists to focus on developing a segment of society that is intertwined with the cultural and creative sphere. It represents a crucial and strategic industry for renewing the local economy and sustaining urban growth. Moreover, it has become a robust development paradigm adopted by many urban governments (d’Ovidio). The creative city, according to Costa, is a notion defined by three key elements. The first is the concept of creativity as a toolset for urban development; the second is the concept of the creative city as a collection of creative activities and businesses; the third promotes the concept of the creative city as a human resource capable of attracting creative competencies (Costa et al.). Successful creative cities have some common points, such as visionary individuals, creative organisations, physical and social assets, and a political culture that shares a clear purpose. Leadership was found in the public, private, and non-profit sectors, and it manifested itself in bold public efforts, frequently risky investments, and a web of interrelated undertakings, whether for profit or the common good (Landry). International recognition provides a building ground for attracting attention to local initiatives. UNESCO created the Creative Cities Network (UCCN) in 2004. It was conceived from the very beginning as an interactive process to bridge the possible isolation of cities and their inhabitants as a tool for multi-stakeholder collaboration. In other words, it was a relevant response, analysed in a comprehensive overview of the literature on the problem of urban branding. However, it gradually became clear that a kind of network structure alone was insufficient to combat fragmentation (Rosi). The network's purpose is to foster international cooperation among the selected cities in order to promote "joint development partnerships in line with UNESCO's worldwide priorities of "culture and development" and "sustainable development". A city's participation in the network allows it to communicate with other designated foreign metropoles and to carry out joint projects (Stocker). The 2007 global financial crisis and the ensuing recession led to movements that responded to the commodification of urban public space through applied, community-based activities and independent cultural production. This has resulted in new paths for reorienting the creative city strategy around the concept of "making" (Grodach). Scholars have linked creative placemaking to a long history of arts-based economic growth dating back to the late nineteenth-century City Beautiful movement. However, the reification of "creative placemaking" as a discursive practice guided and enforced by government agencies, funders, and other institutions elevates it above previous forms of arts-based economic development or cultural planning (Zitcer). It seeks to go beyond purely economic motivations and pursue multidimensional outcomes ranging from the economic to bringing "diverse people together to celebrate, inspire and be inspired" (Grodach). Place-selling, or communicating certain features of a place through logos, slogans, advertising campaigns, or public relations exercises, is one of the most prevalent actions carried out under the broad umbrella of place-making and marketing. Physical interventions and communication tactics that pick specific components of local 'identity', 'history', and 'culture' can be used to produce this "forging of associations" between places, their attributes, and specific target audiences (Colomb). This new outlook reflects Landry's emphasis on creative collaboration, but the impetus is on cross-agency partnerships and new funding sources for design and art that foster ‘creative’ cities. Placing Istanbul on the Cultural Map If the world was only one country, Istanbul would be its capital. — Napoleon Bonaparte Istanbul is one of the world's largest metropoles, with approximately 15 million inhabitants. It has served as a crossroads for civilisations, cultures, and international trade throughout its history, leaving behind a multi-layered cultural legacy that inspires new design concepts and is a rich source for traditional arts and crafts. The robust creative economy in Istanbul employs 140,000 people and generates 74.5 percent of Turkey's turnover. As a design hub, Istanbul hosts over 20 globally famous design events each year, including the Istanbul Design Biennial, Design Week Turkey, and Fashion Week Istanbul. In 2016 there were 41 conference centres and 225 art galleries in the city. In the same year, Istanbul's cultural institutions hosted 4,315 events, including international film, music, and theatre festivals, as well as art and design biennials. Events such as Contemporary Istanbul have been important in establishing a network of non-governmental organisations that have also been instrumental in the 2010 designation as the European Capital of Culture (ECoC) and membership in the UNESCO Creative Cities Network (UCCN). It has also served three times as United Cities and Local Governments (UCLG) leader. For previous ECoC cities, national or local governments had nominated their cities for the ECoC program, but in Istanbul non-governmental organisations spearheaded and managed the nomination process (Öner). This has lead to a slow and stunted start for the programs which were greatly diminished due to the difficulties in securing the required funding. ​​After becoming an ECoC in 2010, Istanbul joined the UNESCO Creative Cities Network in 2017, joining 246 cities worldwide. UNESCO defines Istanbul as “a geography where craft and craftsmanship have emerged in many different ways in the historical and cultural codes of creative production and everyday life” (UCCN About Us). Because of its cultural heritage, Istanbul can be considered an inspiration for the design sector and promotes its productive capacity. Due to Istanbul’s geographically unique position, there are significant opportunities, experiences, and potentials to reveal new scenarios to promoting a productive future by enhancing innovative approaches for contemporary design. Participating in the UCCN undoubtedly has significant benefits for Istanbul. First of all, it has the opportunity to share its knowledge experience with other cities in the network, and it can have the opportunity to promote its work through networking events organised regularly within Design Cities. In Istanbul, which is the locomotive of the Turkish economy, the vision of the 2014-2023 Regional Plan, prepared by the Istanbul Development Agency, identifies the city as "a city of innovation and culture with its creative and free people; unique Istanbul". Moreover, one of the three essential components of this vision is "a high added value, innovative and creative economy with a voice in the global economy" (ISTKA). This component reveals the importance of innovation and creativity-oriented growth in Istanbul for the gains created in the economic field to bring social development and realise holistic development. Although these frameworks have provided a strong ‘creative’ identity to the city, the lack of specific programs and funding opportunities for ‘creative industries’ that fall under these headings have not allowed these initiatives to be felt at the local scale. Fig. 1: Location of Beyoğlu district. In this article we chose Beyoğlu (fig. 1) as the local case study, due to the existence of cultural/creative industries since the nineteenth century. When we look at previous periods, there were times when Beyoğlu fell out of favour, and different segments gave up coming to Beyoğlu for various reasons. However, Beyoğlu has always recovered and regained its identity as a historical, touristic, and cultural centre (Türkün). Beyoğlu has been the scene of social and spatial changes. Especially a rapid renewal process has been in process since the 1980s. As a result most of the buildings were restored, leading to wide-scale gentrification, and many new buildings were built throughout Istiklal Street, its main avenue. The roads on both sides of the pedestrian street are filled with cafes, art galleries, bookstores, and antique shops, making Beyoğlu a 'Turkish SoHo' (Gül). A Critical Perspective from Tomtom Neighbourhood Tomtom is one of the 45 neighbourhoods of the Beyoğlu district with a historic identity and cultural richness (fig. 2). It has hosted many diplomatic institutions and historical buildings such as the Venetian Palace, the French Palace, the Italian, Russian, Dutch, and French embassies, ​​and continues to house many consulates and foreign schools (Akın). Because it is located in the centre of Galata, Çukurcuma, and Karaköy, since the beginning of the 2000s the Tomtom neighbourhood has become very attractive due to low rental prices in the transformation process in Beyoğlu. With the low-cost renovation practices, the creative class, which has a weak economic accumulation, and has a high artistic quality, has started to open their galleries in this district. In addition to this, cafés, boutique hotels, and entertainment venues opened in succession, and this class transformation attracted the attention of capital owners. The district had to face not only the danger of gentrification caused by this class migration but also the results of the Galataport project, a real estate capital initiative (Kütükoğlu). Fig. 2: Map of the Tomtom neighbourhood and its surroundings. A case study was conducted between September 2018 and August 2021 using secondary data, observation, and in-depth interviews to provide a critical perspective on cultural frameworks from the perspective of local stakeholders and networks in this neighbourhood. In the case study, in-depth interviews were conducted with 30 design studios and art galleries that have moved to Tomtom in the last decade. These interviews were held in three separate periods: the first was in September 2018, following the start of the Tomtom Designhood Project; the second in August 2019; and the last in June 2021. The Missing Ingredients As mentioned above, some criteria are required to be a booming creative city. As a result of the fieldwork carried out in the Tomtom neighbourhood, Istanbul's trajectory in becoming a creative city has been discussed under three headings: ownership and patronage, financial support, and resilience. The creative cluster in the Tomtom neighbourhood started as a neighbourhood revitalisation effort by a real estate investment firm to create a cultural hub in Istanbul, with the creation and promotion of an annual design event since 2017: Tomtom Designhood, inspired by similar events across Europe. However, this business approach did not suit the cultural businesses moving into the neighbourhood. Relying on the market alone and expecting up-and-coming cultural businesses to ‘invest’ in promoting their neighbourhood has not been a sustainable growth model for Tomtom. Interviews with firms in the area have demonstrated that social networks have been a more reliable means for attracting and maintaining design firms in the area. These networks appear to create a sense of belonging and identity, with a high level of personal investment, trust, and support as the foundation of relationships. The slow-paced relocation of businesses within close social networks has been more promising in establishing the cultural hub. The results show that the creative cluster grew slowly due to the lack of support by local authorities and the limited resources for the businesses relocating into the area. In recent years, multidisciplinary design events have been taking place in this new creative neighbourhood. Tomtom Designhood generally organises these events, some of them with the cooperation of the annual design event Contemporary Istanbul, and invites everyone to explore this creative neighbourhood with pop-up events, food and drink, and art and design exhibitions. In addition to design activities that recur periodically, there are also one-time events such as 'Back to Home', 'Tomtom Designwalks', and 'Portugal Is in Istanbul'. The main goal of these events is accessible art. Moreover, they aim to bring together art galleries, institutions, collectors, art students, and people of all ages who want to learn and know art better, especially young people and art professionals. These design events, which were put forward with the idea of "accessible art for everyone", have lacked patronage and backing from donors or government funding and thus had to be self-sustaining. Furthermore, the Tomtom events have been shifted to ‘money-making’ initiatives which further degraded their acceptance in the local neighbourhood. The design events and festivals in the neighbourhood are not directly connected with the creative community around the UCCN. The case study explores the effects of the large-scale design events on local dynamics and has also touched upon the effects of the Covid-19 pandemic, and reveals that the most critical factor in the creative industries' resilience in times of crisis has been support by public policies and advocates. The Covid-19 pandemic, which can be described as a global crisis, has affected the creative sectors at Tomtom and tested the resilience of the design firms in the area. Due to the lockdown measures, restrictions on international mobilities, and social distancing measures implemented in this process, some creative sectors could not continue their operations. There were no specific funding support systems for design professionals. Stating that the most significant potential of this area has been foreign tourists, the designers commented that their work has come to a standstill due to the complete stoppage of the tourist flow during the pandemic. On the other hand, it has been determined that some designers explored new business forms by developing new skills, not affected by the pandemic or relatively less affected. In addition, designers who sell products that appeal to higher-income groups also stated that they have not been economically affected by this process. ‘The City of Design’ title was expected to bring some visible changes to Istanbul, especially in an emerging creative neighbourhood like Tomtom, and even in the entire Beyoğlu district. However, unfortunately, it is not possible to see the effects of these even in a crucial creative neighbourhood like Tomtom. A positive step was taken at the last point of the whole place branding process, and Tomtom was included in the "Beyoğlu Culture Road" project carried out by the Ministry of Culture and Tourism in June 2022 (fig. 3). In this project, which is defined as "the branding project that transfers the cultural heritage of a city to future generations", many paid and free design events were held for two weeks in crucial creative and touristic areas such as Galataport, Atatürk Cultural Center, and French Street, with the participation of many national and international designers and artists. Many people had the opportunity to get to know Tomtom as a design neighbourhood, thanks to various concerts, workshops, festivals, design product exhibitions, and food and beverage areas held during this event for two weeks. Fig. 3: Posters for the Tomtom Designhood event in 2018 (left) and 2022 (right). (Source: Tomtom Designhood.) From Istanbul's perspective, the reciprocal relationship between creativity and Istanbul results in more creative industries, strengthening Istanbul's position in the global network. This study proves that a successful cultural policy needs to include financial support and local government cooperation for a more sustainable strategy. From an urban policy perspective, social networks seem a crucial player for a better and more sustainable support system that provides answers to the needs of the creative industries. It is hoped that the results of this study will provide new perspectives on understanding the importance of the collaboration of private, public, and civil society actors in order to strengthen cultural industries in creative cities and promote the diversity of cultural expressions. In Tomtom, as Colomb argued and authors focussed on place-making and branding have argued, specific local culture, history, identity, and aesthetics are picked, sanitised, commodified, and promoted to be consumed by target groups such as tourists or high-income locals as part of the place-making process. However, in this local neighbourhood, this process can negatively affect the spaces and social groups involved, particularly with gentrification pressure from its surrounding neighbourhoods, resulting in a loss of authenticity or outright displacement in the future. Acknowledgment The research was undertaken, in part, thanks to funding from the TUBITAK 2214-A International Research Scholarship Program. Sources Maps in fig. 1 and fig. 2 were developed by the authors using mapstyle.withgoogle.com. Posters in fig. 3 are from Tomtom Designhood: https://www.facebook.com/Tomtom-Designhood-363369284116558/. References Akın, Nur. 19. yüzyılın ikinci yarısında Galata ve Pera. No. 24. Literatur, 1998. Caves, Richard E. Creative Industries: Contracts between Art and Commerce. Harvard UP, 2000. Colomb, Claire. Staging the New Berlin: Place Marketing and the Politics of Urban Reinvention Post-1989. Routledge, 2013. D'Ovidio, Marianna. The Creative City Does Not Exist: Critical Essays on the Creative and Cultural Economy of Cities. Ledizioni, 2016. Florida, Richard. The Rise of the Creative Class. Basic Books, 2019. Florida, Richard, Tim Gulden, and Charlotta Mellander. "The Rise of the Mega-Region." Cambridge Journal of Regions, Economy and Society 1.3 (2008): 459-476. Grodach, Carl. "Urban Cultural Policy and Creative City Making." Cities 68 (2017): 82-91. Gül, Murat, Trevor Howells, and Aras Neftci. Istanbul Architecture. Watermark Press, 2013. ISTKA. 2014-2023 İstanbul Regional Plan. 10 Feb. 2022 <http://www.istka.org.tr/>. Kütükoğlu, İlker. Mimarlık ve Seçkinleştirme: Cihangir Örneği. Diss. Fen Bilimleri Enstitüsü, 2006. Landry, Charles. The Creative City: A Toolkit for Urban Innovators. Routledge, 2012. Martí-Costa, Marc, and Marc Pradel I. Miquel. "The Knowledge City against Urban Creativity? Artists’ Workshops and Urban Regeneration in Barcelona." European Urban and Regional Studies 19.1 (2012): 92-108. Öner, Oğuz. "Istanbul 2010 European Capital of Culture: Towards a Participatory Culture?" Orienting Istanbul. Routledge, 2010. 283-294. Rosi, Mauro. "Branding or Sharing? The Dialectics of Labeling and Cooperation in the UNESCO Creative Cities Network." City, Culture and Society 5.2 (2014): 107-110. Scott, Allen J. "The Cultural Economy of Cities." International Journal of Urban and Regional Research 21.2 (1997): 323-339. Stocker, Karl. "The Power of Design." A Journey through the 11 UNESCO Cities of Design. 2013. Türkün, Asuman. “Arafta Bir Beyoğlu: Tarihsel Kesitleriyle Bir Semt Yıllar İçinde Değişimler” 5 Apr. 2022 <https://www.araftabirbeyoglu.com/tr/>. UCCN. “About Us.” 2 Feb. 2022 <http://en.unesco.org/creative-cities/content/about-us>. UCCN. “UNESCO Creative Cities Network for Sustainable Development.” 2 Feb. 2022 <https://unesdoc.unesco.org/ark:/48223/pf0000375210>. Yigitcanlar, Tan, Koray Velibeyoglu, and Cristina Martinez‐Fernandez. "Rising Knowledge Cities: The Role of Urban Knowledge Precincts." Journal of Knowledge Management (2008). Zitcer, Andrew. "Making Up Creative Placemaking." Journal of Planning Education and Research 40.3 (2020): 278-288.

Introduction Documentary film has grown significantly in the past decade, with high profile films such as Fahrenheit 9/11, Supersize Me, and An Inconvenient Truth garnering increased attention both at the box office and in the news media. In addition, the rising prominence of web-based media has provided new opportunities for documentary to create social impact. Films are now typically released with websites, Facebook pages, twitter feeds, and web videos to increase both reach and impact. This combination of technology and broader audience appeal has given rise to a current landscape in which documentary films are imbedded within coordinated multi-media campaigns. New media have not only opened up new avenues for communicating with audiences, they have also created new opportunities for data collection and analysis of film impacts. A recent report by McKinsey and Company highlighted this potential, introducing and discussing the implications of increasing consumer information being recorded on the Internet as well as through networked sensors in the physical world. As they found: "Big data—large pools of data that can be captured, communicated, aggregated, stored, and analyzed—is now part of every sector and function of the global economy" (Manyika et al. iv). This data can be mined to learn a great deal about both individual and cultural response to documentary films and the issues they represent. Although film has a rich history in humanities research, this new set of tools enables an empirical approach grounded in the social sciences. However, several researchers across disciplines have noted that limited investigation has been conducted in this area. Although there has always been an emphasis on social impact in film and many filmmakers and scholars have made legitimate (and possibly illegitimate) claims of impact, few have attempted to empirically justify these claims. Over fifteen years ago, noted film scholar Brian Winston commented that "the underlying assumption of most social documentaries—that they shall act as agents of reform and change—is almost never demonstrated" (236). A decade later, Political Scientist David Whiteman repeated this sentiment, arguing that, "despite widespread speculation about the impact of documentaries, the topic has received relatively little systematic attention" ("Evolving"). And earlier this year, the introduction to a special issue of Mass Communication and Society on documentary film stated, "documentary film, despite its growing influence and many impacts, has mostly been overlooked by social scientists studying the media and communication" (Nisbet and Aufderheide 451). Film has been studied extensively as entertainment, as narrative, and as cultural event, but the study of film as an agent of social change is still in its infancy. This paper introduces a systematic approach to measuring the social impact of documentary film aiming to: (1) discuss the context of documentary film and its potential impact; and (2) argue for a social science approach, discussing key issues about conducting such research. Changes in Documentary Practice Documentary film has been used as a tool for promoting social change throughout its history. John Grierson, who coined the term "documentary" in 1926, believed it could be used to influence the ideas and actions of people in ways once reserved for church and school. He presented his thoughts on this emerging genre in his 1932 essay, First Principles of Documentary, saying, "We believe that the cinema's capacity for getting around, for observing and selecting from life itself, can be exploited in a new and vital art form" (97). Richard Barsam further specified the definition of documentary, distinguishing it from non-fiction film, such that all documentaries are non-fiction films but not all non-fiction films are documentaries. He distinguishes documentary from other forms of non-fiction film (i.e. travel films, educational films, newsreels) by its purpose; it is a film with an opinion and a specific message that aims to persuade or influence the audience. And Bill Nichols writes that the definition of documentary may even expand beyond the film itself, defining it as a "filmmaking practice, a cinematic tradition, and mode of audience reception" (12). Documentary film has undergone many significant changes since its inception, from the heavily staged romanticism movement of the 1920s to the propagandist tradition of governments using film to persuade individuals to support national agendas to the introduction of cinéma vérité in the 1960s and historical documentary in the 1980s (cf. Barnouw). However, the recent upsurge in popularity of documentary media, combined with technological advances of internet and computers have opened up a whole new set of opportunities for film to serve as both art and agent for social change. One such opportunity is in the creation of film-based social action campaigns. Over the past decade, filmmakers have taken a more active role in promoting social change by coordinating film releases with action campaigns. Companies such as Participant Media (An Inconvenient Truth, Food Inc., etc.) now create "specific social action campaigns for each film and documentary designed to give a voice to issues that resonate in the films" (Participant Media). In addition, a new sector of "social media" consultants are now offering services, including "consultation, strategic planning for alternative distribution, website and social media development, and complete campaign management services to filmmakers to ensure the content of nonfiction media truly meets the intention for change" (Working Films). The emergence of new forms of media and technology are changing our conceptions of both documentary film and social action. Technologies such as podcasts, video blogs, internet radio, social media and network applications, and collaborative web editing "both unsettle and extend concepts and assumptions at the heart of 'documentary' as a practice and as an idea" (Ellsworth). In the past decade, we have seen new forms of documentary creation, distribution, marketing, and engagement. Likewise, film campaigns are utilizing a broad array of strategies to engage audience members, including "action kits, screening programs, educational curriculums and classes, house parties, seminars, panels" that often turn into "ongoing 'legacy' programs that are updated and revised to continue beyond the film's domestic and international theatrical, DVD and television windows" (Participant Media). This move towards multi-media documentary film is becoming not only commonplace, but expected as a part of filmmaking. NYU film professor and documentary film pioneer George Stoney recently noted, "50 percent of the documentary filmmaker's job is making the movie, and 50 percent is figuring out what its impact can be and how it can move audiences to action" (qtd. in Nisbet, "Gasland"). In his book Convergence Culture, Henry Jenkins, coined the term "transmedia storytelling", which he later defined as "a process where integral elements of a fiction get dispersed systematically across multiple delivery channels for the purpose of creating a unified and coordinated entertainment experience" ("Transmedia"). When applied to documentary film, it is the elements of the "issue" raised by the film that get dispersed across these channels, coordinating, not just an entertainment experience, but a social action campaign. Dimensions of Evaluation It is not unreasonable to assume that such film campaigns, just like any policy or program, have the possibility to influence viewers' knowledge, attitudes, and behavior. Measuring this impact has become increasingly important, as funders of documentary and issue-based films want look to understand the "return on investment" of films in terms of social impact so that they can compare them with other projects, including non-media, direct service projects. Although we "feel" like films make a difference to the individuals who also see them in the broader cultures in which they are embedded, measurement and empirical analysis of this impact are vitally important for both providing feedback to filmmakers and funders as well as informing future efforts attempting to leverage film for social change. This type of systematic assessment, or program evaluation, is often discussed in terms of two primary goals—formative (or process) and summative (or impact) evaluation (cf. Muraskin; Trochim and Donnelly). Formative evaluation studies program materials and activities to strengthen a program, and summative evaluation examines program outcomes. In terms of documentary film, these two goals can be described as follows: Formative Evaluation: Informing the Process As programs (broadly defined as an intentional set of activities with the aim of having some specific impact), the people who interact with them, and the cultures they are situated in are constantly changing, program development and evaluation is an ongoing learning cycle. Film campaigns, which are an intentional set of activities with the aim of impacting individual viewers and broader cultures, fit squarely within this purview. Without formulating hypotheses about the relationships between program activities and goals and then collecting and analyzing data during implementation to test them, it is difficult to learn ways to improve programs (or continue doing what works best in the most efficient manner). Attention to this process enables those involved to learn more about, not only what works, but how and why it works and even gain insights about how program outcomes may be affected by changes to resource availability, potential audiences, or infrastructure. Filmmakers are constantly learning and honing their craft and realizing the impact of their practice can help the artistic process. Often faced with tight budgets and timelines, they are forced to confront tradeoffs all the time, in the writing, production and post-production process. Understanding where they are having impact can improve their decision-making, which can help both the individual project and the overall field. Summative Evaluation: Quantifying Impacts Evaluation is used in many different fields to determine whether programs are achieving their intended goals and objectives. It became popular in the 1960s as a way of understanding the impact of the Great Society programs and has continued to grow since that time (Madaus and Stufflebeam). A recent White House memo stated that "rigorous, independent program evaluations can be a key resource in determining whether government programs are achieving their intended outcomes as well as possible and at the lowest possible cost" and the United States Office of Management and Budget (OMB) launched an initiative to increase the practice of "impact evaluations, or evaluations aimed at determining the causal effects of programs" (Orszag 1). Documentary films, like government programs, generally target a national audience, aim to serve a social purpose, and often do not provide a return on their investment. Participant Media, the most visible and arguably most successful documentary production company in the film industry, made recent headlines for its difficulty in making a profit during its seven-year history (Cieply). Owner and founder Jeff Skoll reported investing hundreds of millions of dollars into the company and CEO James Berk added that the company sometimes measures success, not by profit, but by "whether Mr. Skoll could have exerted more impact simply by spending his money philanthropically" (Cieply). Because of this, documentary projects often rely on grant funding, and are starting to approach funders beyond traditional arts and media sources. "Filmmakers are finding new fiscal and non-fiscal partners, in constituencies that would not traditionally be considered—or consider themselves—media funders or partners" (BRITDOC 6). And funders increasingly expect tangible data about their return on investment. Says Luis Ubiñas, president of Ford Foundation, which recently launched the Just Films Initiative: In these times of global economic uncertainty, with increasing demand for limited philanthropic dollars, assessing our effectiveness is more important than ever. Today, staying on the frontlines of social change means gauging, with thoughtfulness and rigor, the immediate and distant outcomes of our funding. Establishing the need for evaluation is not enough—attention to methodology is also critical. Valid research methodology is a critical component of understanding around the role entertainment can play in impacting social and environmental issues. The following issues are vital to measuring impact. Defining the Project Though this may seem like an obvious step, it is essential to determine the nature of the project so one can create research questions and hypotheses based on a complete understanding of the "treatment". One organization that provides a great example of the integration of documentary film imbedded into a larger campaign or movement is Invisible Children. Founded in 2005, Invisible Children is both a media-based organization as well as an economic development NGO with the goal of raising awareness and meeting the needs of child soldiers and other youth suffering as a result of the ongoing war in northern Uganda. Although Invisible Children began as a documentary film, it has grown into a large non-profit organization with an operating budget of over $8 million and a staff of over a hundred employees and interns throughout the year as well as volunteers in all 50 states and several countries. Invisible Children programming includes films, events, fundraising campaigns, contests, social media platforms, blogs, videos, two national "tours" per year, merchandise, and even a 650-person three-day youth summit in August 2011 called The Fourth Estate. Individually, each of these components might lead to specific outcomes; collectively, they might lead to others. In order to properly assess impacts of the film "project", it is important to take all of these components into consideration and think about who they may impact and how. This informs the research questions, hypotheses, and methods used in evaluation. Film campaigns may even include partnerships with existing social movements and non-profit organizations targeting social change. The American University Center for Social Media concluded in a case study of three issue-based documentary film campaigns: Digital technologies do not replace, but are closely entwined with, longstanding on-the-ground activities of stakeholders and citizens working for social change. Projects like these forge new tools, pipelines, and circuits of circulation in a multiplatform media environment. They help to create sustainable network infrastructures for participatory public media that extend from local communities to transnational circuits and from grassroots communities to policy makers. (Abrash) Expanding the Focus of Impact beyond the Individual A recent focus has shifted the dialogue on film impact. Whiteman ("Theaters") argues that traditional metrics of film "success" tend to focus on studio economic indicators that are far more relevant to large budget films. Current efforts focused on box office receipts and audience size, the author claims, are really measures of successful film marketing or promotion, missing the mark when it comes to understanding social impact. He instead stresses the importance of developing a more comprehensive model. His "coalition model" broadens the range and types of impact of film beyond traditional metrics to include the entire filmmaking process, from production to distribution. Whiteman (“Theaters”) argues that a narrow focus on the size of the audience for a film, its box office receipts, and viewers' attitudes does not incorporate the potential reach of a documentary film. Impacts within the coalition model include both individual and policy levels. Individual impacts (with an emphasis on activist groups) include educating members, mobilizing for action, and raising group status; policy includes altering both agenda for and the substance of policy deliberations. The Fledgling Fund (Barrett and Leddy) expanded on this concept and identified five distinct impacts of documentary film campaigns. These potential impacts expand from individual viewers to groups, movements, and eventually to what they call the "ultimate goal" of social change. Each is introduced briefly below. Quality Film. The film itself can be presented as a quality film or media project, creating enjoyment or evoking emotion in the part of audiences. "By this we mean a film that has a compelling narrative that draws viewers in and can engage them in the issue and illustrate complex problems in ways that statistics cannot" (Barrett and Leddy, 6). Public Awareness. Film can increase public awareness by bringing light to issues and stories that may have otherwise been unknown or not often thought about. This is the level of impact that has received the most attention, as films are often discussed in terms of their "educational" value. "A project's ability to raise awareness around a particular issue, since awareness is a critical building block for both individual change and broader social change" (Barrett and Leddy, 6). Public Engagement. Impact, however, need not stop at simply raising public awareness. Engagement "indicates a shift from simply being aware of an issue to acting on this awareness. Were a film and its outreach campaign able to provide an answer to the question 'What can I do?' and more importantly mobilize that individual to act?" (Barrett and Leddy, 7). This is where an associated film campaign becomes increasingly important, as transmedia outlets such as Facebook, websites, blogs, etc. can build off the interest and awareness developed through watching a film and provide outlets for viewers channel their constructive efforts. Social Movement. In addition to impacts on individuals, films can also serve to mobilize groups focused on a particular problem. The filmmaker can create a campaign around the film to promote its goals and/or work with existing groups focused on a particular issue, so that the film can be used as a tool for mobilization and collaboration. "Moving beyond measures of impact as they relate to individual awareness and engagement, we look at the project's impact as it relates to the broader social movement … if a project can strengthen the work of key advocacy organizations that have strong commitment to the issues raised in the film" (Barrett and Leddy, 7). Social Change. The final level of impact and "ultimate goal" of an issue-based film is long-term and systemic social change. "While we understand that realizing social change is often a long and complex process, we do believe it is possible and that for some projects and issues there are key indicators of success" (Barrett and Leddy, 7). This can take the form of policy or legislative change, passed through film-based lobbying efforts, or shifts in public dialogue and behavior. Legislative change typically takes place beyond the social movement stage, when there is enough support to pressure legislators to change or create policy. Film-inspired activism has been seen in issues ranging from environmental causes such as agriculture (Food Inc.) and toxic products (Blue Vinyl) to social causes such as foreign conflict (Invisible Children) and education (Waiting for Superman). Documentary films can also have a strong influence as media agenda-setters, as films provide dramatic "news pegs" for journalists seeking to either sustain or generation new coverage of an issue (Nisbet "Introduction" 5), such as the media coverage of climate change in conjunction with An Inconvenient Truth. Barrett and Leddy, however, note that not all films target all five impacts and that different films may lead to different impacts. "In some cases we could look to key legislative or policy changes that were driven by, or at least supported by the project... In other cases, we can point to shifts in public dialogue and how issues are framed and discussed" (7). It is possible that specific film and/or campaign characteristics may lead to different impacts; this is a nascent area for research and one with great promise for both practical and theoretical utility. Innovations in Tools and Methods Finally, the selection of tools is a vital component for assessing impact and the new media landscape is enabling innovations in the methods and strategies for program evaluation. Whereas the traditional domain of film impact measurement included box office statistics, focus groups, and exit surveys, innovations in data collection and analysis have expanded the reach of what questions we can ask and how we are able to answer them. For example, press coverage can assist in understanding and measuring the increase in awareness about an issue post-release. Looking directly at web-traffic changes "enables the creation of an information-seeking curve that can define the parameters of a teachable moment" (Hart and Leiserowitz 360). Audience reception can be measured, not only via interviews and focus groups, but also through content and sentiment analysis of web content and online analytics. "Sophisticated analytics can substantially improve decision making, minimize risks, and unearth valuable insights that would otherwise remain hidden" (Manyika et al. 5). These new tools are significantly changing evaluation, expanding what we can learn about the social impacts of film through triangulation of self-report data with measurement of actual behavior in virtual environments. Conclusion The changing media landscape both allows and impels evaluation of film impacts on individual viewers and the broader culture in which they are imbedded. Although such analysis may have previously been limited to box office numbers, critics' reviews, and theater exit surveys, the rise of new media provides both the ability to connect filmmakers, activists, and viewers in new ways and the data in which to study the process. This capability, combined with significant growth in the documentary landscape, suggests a great potential for documentary film to contribute to some of our most pressing social and environmental needs. A social scientific approach, that combines empirical analysis with theory applied from basic science, ensures that impact can be measured and leveraged in a way that is useful for both filmmakers as well as funders. In the end, this attention to impact ensures a continued thriving marketplace for issue-based documentary films in our social landscape. References Abrash, Barbara. "Social Issue Documentary: The Evolution of Public Engagement." American University Center for Social Media 21 Apr. 2010. 26 Sep. 2011 ‹http://www.centerforsocialmedia.org/›. Aufderheide, Patricia. "The Changing Documentary Marketplace." Cineaste 30.3 (2005): 24-28. Barnouw, Eric. Documentary: A History of the Non-Fiction Film. New York: Oxford UP, 1993. Barrett, Diana and Sheila Leddy. 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