ADVANCE - Artigos em Revistas Internacionais / Articles in International Journals
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- An organizational perspective on m-business : usage factors and value determinationPublication . Picoto, Winnie Ng; Bélanger, France; Reis, António Palma dosMobile technologies have increasingly become an integral part of individuals’ work and personal lives. Although research exists in this domain, most of it focuses on the customer’s adoption factors rather than assessing the value or the impact of mobile business (m-business) usage on firms. The present study fills this gap in the literature through the analysis of the value m-business can provide for firms. The Technology-Organization-Environment framework, Diffusion of Innovation theory and Resource-Based theory ground this research’s conceptual model for assessing the post-adoption stages of usage and value of mobile business from an organizational perspective. The value of m-business includes the impact on marketing and sales, internal operations, and procurement. This research uses a mixed method research design; interviews are first conducted to develop a model to assess m-business usage, and survey data collected from 180 Portuguese organizations is then used to test the proposed model. The results indicate that seven of the nine proposed antecedents of m-business usage are significant, and that m-business usage has a positive and significant relationship with m-business value. Furthermore, the three dimensions of value (marketing and sales, internal operations, and procurement) are significant, but only two of them have direct positive impacts on firm performance. Implications of these findings for practice and research are discussed.
- Analysis of the asset replacement level with an uncertain salvage value : a two-factor modelPublication . Zambujal-Oliveira, João; Duque, JoãoThe aim of this article is to analyse the asset replacement problem from the perspective of optimal replacement level, given a specific tax environment and depreciation policy. Using a real options approach, our model minimizes current operation and maintenance costs and allows the definition of a new value of the replacement flexibility within a multi-cycle environment. The innovation on the valuation process comes from adding an autonomous salvage value’s factor. The results from partial differential equations reveal relevant differences from those observed in one-factor models, especially with regard to optimal replacement levels and in the non-monotonous effects of salvage value variation. The numerical case study also confirms that the salvage value is indeed a worthwhile element in the replacement process. It was possible to determine that, in terms of the magnitude of the cost replacement level, the key roles are played by changes in the speed of mean reversion, as well in the salvage factor volatility. This paper provides some improvements to the existing literature in equivalent annual cost by drawing up a cost minimization problem conditioned by a different salvage value dynamics, and contributes to real options literature by introducing a salvage value factor in the pricing model.
- 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.
- 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.
- Causal recipes for customer loyalty to travel agencies: Differences between online and offline customersPublication . Silva, Graça Miranda; Gonçalves, Helena MartinsThis study investigates how travel agencies can achieve high customer loyalty through offline and online shopping experiences. The study testswhether different configurations of perceived value, customer satisfaction, perceived quality, and trust affect loyalty. The results froman online survey of a travel agency's 1974 offline and 1014 online customers provide the data. Using the fsQCA, the study finds that different combinations of these factors lead to higher customer loyalty. The findings show that trust is a sufficient condition for high customer loyalty only in the offline shopping context. In the online shopping context, travel agencies must combine trust with perceived value or with perceived quality to achieve high customer loyalty. Further, in the offline shopping context, the combination of perceived value and perceived quality leads to higher loyalty, while in the online shopping context agencies need to add customer satisfaction to this configuration.
- Contracting out public transit operation services: an incentive performance-based approachPublication . Pinto, João M.; Santos, Mário Coutinho dos; Matos, Pedro VergaThe literature on public transit services contracting, emphasizes the need of efficient contracting designs to promote parties’ interest alignment. There is, however, limited research addressing specific incentive mechanisms. The paper contributes to that literature by developing a performance-based model with an embedded incentive bonus/malus (B/M) mechanism for contracting out transit services. Monte Carlo simulation documents that model’s performance appears sensitive to stochastic specification of some of the B/M drivers, and responsive to changes in the contractual performance factors out of the sub-concessionaire’s control. Evidence on the operation of a light-rail transit system designed based on a version of the model, document that it may contribute to promote ridership patronage, increase the average ride, and ultimately promote the economic operating efficiency of the system. Some policy implications are drawn, namely in terms of public funds allocative efficiency, and promotion of social welfare in contracting transit services.
- Corporate and individual global mind-set and internationalization of European SMEsPublication . Felício, J. Augusto; Caldeirinha, Vítor; Ribeiro-Navarrete, BelenThis paper analyzes the effect of individual and corporate global mind-set on the internationalization of small and medium-sized European firms. Factor analysis and structural equation modeling methodology are the tools for this purpose. Results show the importance of the relationships between individual global mind-set and internationalization effect, and between corporate global mind-set and international know-how activities. Research model recognizes the relationship between individual global mind-set and corporate global mind-set. This research contributes significantly to literature by providing insight into three key areas: factors relating to corporate GM, relationship between corporate GM and internationalization factors of SMEs, and relationship between individual GM and corporate GM.
- Corporate governance and earnings quality : international evidencePublication . Gaio, Cristina; Raposo, ClaraWe examine the relationship between corporate governance and earnings quality worldwide. Results suggest a substitute relationship between corporate governance and earnings quality. We find that the country effect is extremely relevant in shaping this relationship. Indeed, this relation is more pronounced in developed countries, in countries with strong investor protection. Our findings are consistent with the view that poor accounting information may force firms to adopt costlier corporate governance mechanisms, in particular in environments in which they are effective. Likewise, in such environments, firms with better quality accounting information may not need to invest so much in costly governance mechanisms.
- Corporate taxes and high-quality entrepreneurshipPublication . Venâncio, Ana; Barros, Victor; Raposo, ClaraWe examine the impact of corporate taxation on entrepreneurship, using a quasi-natural experiment, which substantially reduced the corporate tax rate for start-ups located in inland municipalities in Portugal. Using a difference-in-differences approach and IV regression, we find that the tax reform increased firm entry and new firm job creation. The entrepreneurs who took advantage of this tax reform are relatively older, and are better-educated individuals. Their start-ups are relatively larger, more productive, and are more likely to survive the first 3 years. These findings suggest that corporate taxation is an imperative constraint for entrepreneurship, particularly for high-quality entrepreneurs. These better-educated individuals find it easier to overcome the hurdles of tax legislation and to make use of the opportunities created by a specific tax reform.
- Creativity for problem solving in the digital era : configurations of leadership profilesPublication . Tigre, Fernanda Bethlem; Henriques, Paulo Lopes; Curado, CarlaFinding creative solutions to organizations’ challenges is critical to determining the ability to thrive. Creative leadership promotes an organizational culture based on creative problem-solving skills. Five leadership elements (being digitally and technologically savvy, having a results orientation, promoting collaborative teamwork, possessing business skills, and providing resources to the team) enable leaders to pursue creative or uncreative problem-solving solutions. The current study used a fuzzy-set qualitative comparative analysis to identify the elements of creative leadership. The analysis comprises data from 123 leaders worldwide from different sectors collected from an online survey. The results showed five leadership profiles leading to creative problem-solving and another five profiles leading to an uncreative outcome. The results provided a tangible approach to the behaviors needed to be creative leaders and the configurations of uncreative behaviors to avoid. The study integrates academic and practitioner perspectives on creative leadership and offers a model supported in the academic literature and relevant to practical needs .