ADVANCE - Artigos em Revistas Internacionais / Articles in International Journals
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- Do harmonised accounting standards lead to harmonised accounting practices? An empirical study of IAS 39 measurement requirements in some European Union countriesPublication . Morais, Ana; Fialho, AnaThe objective of this paper is to investigate the level of harmonisation for IAS 39 Financial Instruments: Recognition and Measurement and to identify if different levels of harmonisation are associated with company-specific factors. Based on Rahman et al. (2002), we used the Jaccard (JACC) index to determine the level of harmonisation between IAS 39 and the financial reporting practice of a broad-based sample of European-listed companies in 2005. We applied regression analysis to identify companies’ specific characteristics that affect the level of convergence of the reporting practice of financial instruments. The results of this study show a high level of harmonisation between accounting practices of European companies included in our sample and IAS 39.
- Mandatory adoption of IASB standards: Value relevance and country-specific factorsPublication . Morais, Ana; Curto, José DiasThe objective of this study is to investigate if the value relevance of European-listed companies increased after the mandatory application of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) and how the value relevance of accounting information prepared under IAS/IFRS is shaped by the specific factors of the country in which companies are domiciled. Results show that the value relevance of financial information during the period companies applied mandatory IAS/IFRS is higher than for the period during which they applied local accounting standards. We also found that countries where accounting and tax are clearly separated show more relevant accounting information. Finally, we found that companies from countries with more legal and public enforcement mechanisms disclose less relevant accounting information under IAS/IFRS.
- Using tail conditional expectation for capital requirement calculation of a general insurance undertakingPublication . Duque, João; Reis, Alfredo Egidio dos; Garcia, RicardoIn this paper we develop a solvency model to estimate the necessary economic capital of a real insurance undertaking operating solely in the Automobile branch, applying the Tail Conditional Expectation risk measure. The model assumes a one year time horizon static approach with an unchanged asset and liability structure for the company. After discussing the main factors affecting the whole of the insurance activity and their influence on the assets and liabilities on that real insurance undertaking used in the study, we calculate its necessary economic capital, by using the Monte Carlo simulation technique to generate the probability distribution of the possible future profit and losses with impact on the company’s fair value. This paper introduces an application of a set of techniques that are usually applied to manage asset and liability risks to capital requirements. With a simulated exercise applied to a real insurance undertaking we show its feasibility, its advantages and how useful it may be for investors, regulators and remaining stakeholders when the technique is explored in depth.
- Are all individual investors equally prone to the disposition effect all the time? New evidence from a small marketPublication . Leal, Cristiana Cerqueira; Armada, Manuel J. Rocha; Duque, JoãoThis paper investigates the disposition effect on the Portuguese stock market, on the basis of a unique database that consists of trading records of 1496 individual investors. We found strong evidence of the disposition effect, studied on the basis of trades, volume and value traded. This preference for realizing gains to losses was observed every month of the year and globally for all individual investors. Even at the end of the fiscal year, the disposition effect still holds, as opposed to the evidence found in other markets. We also studied the disposition effect related to market tendency. By dividing the data period into a bull and a bear period, we found evidence of disposition effect for both periods, but with differences in terms of its intensity. In the bull market period, the disposition effect is even more evident than in the bear market. We believe these results can be explained with behavioral reasons. We also investigated the disposition effect related to proxies of investors' sophistication. We divided investors on the basis of the trading frequency, volume of transactions and portfolio value and found evidence that investors in the higher percentiles are less prone to the disposition effect than the ones in the lower percentiles, even though both exhibit evidence of this effect.
- Intellectual capital disclosure paybackPublication . Curado, Carla; Henriques, Paulo Lopes; Bontis, NickPurpose – The purpose of this paper is to propose an integrated framework for intellectual capital disclosure. Design/methodology/approach – The measure, manage and report intellectual capital (MMRIC) methodology is a six-step process that will enable firms to more accurately describe their intangible assets. Findings – The proposed step-by-step process also complements the exploration-exploitation tension that is highlighted in the knowledge management literature. Research limitations/implications – This paper provides academic researchers with a comprehensive framework that can be utilized for future empirical studies related to intellectual capital disclosure. Practical implications – The MMRIC process is a very useful tool for practitioners in that it provides a sequential system that can be followed for intellectual capital disclosure. Social implications – Society at large benefits when corporate entities help to reduce risk and volatile market fluctuations by reducing information asymmetry with more comprehensive reporting. Originality/value – This paper provides an initial theoretical framework that has been developed by integrating the extant literature on intellectual capital disclosure..
- Gender Bias in promotion : is it real?Publication . Henriques, Paulo Lopes; Curado, CarlaThe present study uses a nationwide longitudinal database to analyze the Portuguese workforce searching for gender differences in promotion. The database presents longitudinal data from employees in eight different professions across the country. The research examines individual dimensions such as age, tenure and education looking for their impact over promotion and possible cumulative gender effects. Results seem to indicate considerable gender dissimilarities regarding promotion rates, consistent with previous literature, but also reports differences, namely by questioning the glass escalator effect, the impact of tenure and the influence of education over promotion. The paper contributes to the body of knowledge on gender issues and career related impacts.
- M-business organizational benefits and value: a qualitative studyPublication . Picoto, Winnie Ng; France Bélanger; António Palma dos ReisMobile technology innovations have allowed organizations to expand the way they conduct business. Organizations are increasingly leveraging the unique value propositions of mobile business (m-business) in terms of convenience, ubiquity, unison, and personalization to improve business performance and support their value chain activities. Building on a process-oriented model of IT business value, we propose that m-business value is derived from its perceived impacts on the value chain activities. This article addresses the following research questions: (i) How does m-business create value for organizations? and (ii) Which are the organizational impacts of m-business? Through qualitative research involving in-depth interviews with experts, this article defines m-business value by clarifying the impacts of m-business usage at the organizational level. While the interview results show that m-business does have impact on marketing and sales and internal operations, its impact on procurement requires further research. The findings extend existing literature by proposing a definition of m-business value, based on a more in-depth understanding of m-business impacts on firm performance, highlighting new m-business value components, and developing a conceptual model of m-business value assessment in which task requirements and business characteristics may play a moderating role. The implications of these findings on future research are discussed.
- Study on the characteristics of top managers and strategic options in different industries over a time periodPublication . Felício, J. AugustoThis research examines the effect of the characteristics of top managers on the strategic options of firms in different industries. The sample consists of 191 medium-sized industrial firms in the following industries: food, textiles and clothing, chemicals and plastics, and metallurgy and metallomechanics. Data refer to the beginning and end of the 1990s. The study was developed using upper echelon theory and demonstrates the existence of different relations between manager characteristics and strategic options, depending on the activity of firms. These relationships vary over time in association with the economic and social context.
- Social value and organizational performance in non-profit social organizationsPublication . Felício, J. Augusto; Gonçalves, Helena Martins; Gonçalves, Vítor da ConceiçãoThis paper analyzes the roles of social entrepreneurship and transformational leadership in explaining the social value and the organizational performance of non-profit social organizations. By evaluating the role of socioeconomic context as the moderating variable, the results confirm the strong influence of social entrepreneurship on social value and the effects of social entrepreneurship and transformational leadership on organizational performance. The socioeconomic context proves to be an important moderator of the hypothesized relations. In an unfavorable context, transformational leadership becomes relevant in explaining social value and organizational performance. However, in a favorable context, social entrepreneurship provides more significant support to social value and organizational performance, and social value itself also has an effect on organizational performance.
- Behind innovation clusters: Individual, cultural, and strategic linkagesPublication . Gomes, Jorge F.S.; Hurmelinna-Laukkanen, PiaAs observed by Porter [1] and Enright [2], clusters occupy a key position in the economy of developed countries, most notably because they bring several benefits resulting from economic and social factors. Although these authors alert us to the importance of social capital mechanisms in clustering processes, they fail to fully explore the psychological and social basis that underlay clusters and clustering processes. In the same vein, while Porter and Sölvell [3] mention that a cluster allows a shared language, social ties, and a set of standards and values to develop, they do not fully expand on how such phenomena develops. Addressing these gaps in the literature, the aim of this study is to investigate the dimensions (i.e. individual and social) which sustain and nurture the existence of macro structures (i.e. clusters). In particular, the current research looked at convergence and divergence mechanisms within a cluster. The exploratory nature of the research required a case study strategy; for this reason a cluster in the Portuguese textile sector was chosen. Data from three companies in the same cluster were gathered using several instruments, namely: a questionnaire, interviews, observation and documentary analysis. The results show that although the three companies operate in the same cluster, they are considerably different in terms of commercial orientations as well as cultural and strategic profiles, which is matched by a low presence of isomorphic mechanisms [4]; this result contradicts that of the Pouder and St. John [5] study. It was also observed that informal relations in the heart of the cluster are commonplace and that managers’ differences play a role. In this way, they strengthen and motivate the aspects of the business that unite the cluster.