DG - Artigos em Revistas Internacionais / Articles in International Journals
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- Knowledge management implementation: an evolutionary process in organizationsPublication . Oliveira, Mirian; Caldeira, Mário; Romão, Mário José BatistaThe implementation of knowledge management projects continues to be a challenge for many organizations. A project of such nature involves the introduction of new information technologies, changes in business processes, and often changes in the organizational culture. In this paper, we have studied the implementation of knowledge management initiatives in 11 firms operating in Portugal. Data were mainly collected through semi-structured interviews with top managers. The aim of this research is to analyze the process and factors associated with knowledge management implementation and develop a framework, with different stages, to guide the implementation of knowledge management in organizations. The theoretical and practical contribution to this framework is discussed, as well as the findings in each case study.
- Neural network pricing of american put optionsPublication . Gaspar, Raquel M.; Lopes, Sara D.; Sequeira, BernardoIn this study, we use Neural Networks (NNs) to price American put options. We propose two NN models—a simple one and a more complex one—and we discuss the performance of two NN models with the Least-Squares Monte Carlo (LSM) method. This study relies on American put option market prices, for four large U.S. companies—Procter and Gamble Company (PG), Coca-Cola Company (KO), General Motors (GM), and Bank of America Corp (BAC). Our dataset is composed of all options traded within the period December 2018 until March 2019. Although on average, both NN models perform better than LSM, the simpler model (NN Model 1) performs quite close to LSM. Moreover, the second NN model substantially outperforms the other models, having an RMSE ca. 40% lower than the presented by LSM. The lower RMSE is consistent across all companies, strike levels, and maturities. In summary, all methods present a good accuracy; however, after calibration, NNs produce better results in terms of both execution time and Root Mean Squared Error (RMSE).
- Accuracy of european stock target pricesPublication . Almeida, Joana; Gaspar, Raquel M.Equity studies are conducted by professionals, who also provide buy/hold/sell recommendations to investors. Nowadays, target prices determined by financial analysts are publicly available to investors, who may decide to use them for investment purposes. Studying the accuracy of such analysts’ forecasts is, thus, of paramount importance. Based upon empirical data on 50 of the biggest (larger capitalisation) European stocks over a 15-year period, from 2004 to 2019, and using a panel data approach, this is the first study looking at overall accuracy in European stock markets. We find that Bloomberg’s 12-month consensus target prices have no predictive power over future market prices. Our panel results are robust to company fixed effects and subperiod analysis. These results are in line with the (mostly US-based) evidence in the literature. Extending common practice, we perform a comparative accuracy analysis, comparing the accuracy of target prices with that of simple capitalisations of current prices. It turns out target prices are not better at forecasting than simple capitalisations. When considering individual regressions, accuracy is still very low, but it varies considerably across stocks. By also analysing the relationship between both measures—target prices and capitalised prices—we find evidence that, for some stocks, capitalised prices partially explain how target prices are determined.
- Portfolio performance of european target pricesPublication . Almeida, Joana; Gaspar, Raquel M.This paper examines the performance of actively managed portfolios constructed using target price recommendations provided by analysts. We propose two methods for constructing portfolios based on Bloomberg’s 12-month target price consensus, which serves as a signal to buy or sell assets. Using a sample of 50 European stocks over a 19-year period (from 1 April 2004 to 31 March 2023), we compare the performance of target-price-based portfolios to traditional alternatives, such as a naïve homogeneous portfolio and the Eurostoxx 50 index, as well as to passive portfolios based on average recommendations. We also look into the mean-variance efficiency of these portfolios and find that all exhibit similar levels of efficiency, which are well below the performance of the theoretical tangent portfolios. Our results indicate that target-price-based portfolios show performance very close to that of the naïve homogeneous portfolio. Even the passive “average” target price portfolios, which require previous knowledge of targets for the entire investment period, are unable to outperform the naïve portfolio. Our main findings are based on a 15-year investment horizon but are robust when considering smaller maturities and out-of-sample data. We also investigate the impact of rebalancing on portfolio performance and find that it does pay off in the long run (over an 8-year investment period), but the frequency of rebalancing matters. Rebalancing only once a year is as detrimental to performance as not rebalancing at all. However, it is unclear whether the transaction costs associated with frequent rebalancing would offset any relative outperformance. Overall, our study contributes to the literature on portfolio management and market efficiency by demonstrating the potential benefits and limitations of using target price recommendations to construct portfolios, highlighting the importance of carefully considering rebalancing strategies to achieve optimal performance
- What’s behind CRM research? A bibliometric analysis of publications in the CRM research fieldPublication . Araújo, Cintia Cristina S. de; Pedron, Cristiane Drebes; Picoto, WinnieThe diversity of approaches to customer relationship management (CRM) brings about the need for systematic reviews. The objective of this article is to identify and categorize the most used publications in the CRM field. We conducted a bibliometric analysis using the Web of Science database. To identify and categorize the subfields, we conducted an exploratory factor analysis. The most used publications were categorized into: (1) methodology in the CRM research field; (2) relationship marketing; (3) service quality and customer loyalty; (4) implications of market-oriented strategy; (5) CRM theory and its practical implications; (6) strategic management; and (7) customer value.
- Continente online : building a success story in the food retail businessPublication . Picoto, Winnie; Henriques, Rita FuentesThe online marketplace has grown exponentially during the last decade and today most click-and-mortar businesses have developed Internet sales channels. The online food industry, and more specifically groceries, presents a huge challenge for managing operations online. It has proved to be quite difficult to provide online customers with a positive experience in shopping for groceries, given the numerous challenges faced, such as: the demand to manage the significant number of products available, the need to have both stocks and pricing updated and the requirement to optimize delivery protocols. Nevertheless, the online food retail business has been steadily growing during the past few years. Continente Online (CO) is the online channel of the SONAE (Modelo Continente Hipermercados, SA) hypermarket (a European term for a large supermarket combined with a department store) chain, which is the Portuguese leader in food retail and is usually considered to be a success story in online groceries. Today, CO is perceived to have helped the group gain customer recognition and achieve competitive advantages over its direct competitors. After a temporary inoperability of the CO website, the manager of CO had to decide whether to continue to invest in the online operations or to terminate them. This turning point allowed CO to take into account what they have learned in the past and how they could use those lessons to successfully re-launch a new online channel. At the end, the company decided to increase the investment in the online operations and to build a new and stronger website for CO. This case presents the evolution and learning curve of the management team of CO. It highlights the experimental approach used by CO, which has led to a deeper understanding of the online channel. The case also examines how this channel is aligned with the overall business strategy of the company and also how it helps CO to achieve its innovation objectives and excellence in customer experience. The students will be asked to evaluate how the business model and growth strategy for CO position this company for the future.
- CRM system : the role of dynamic capabilities in creating innovation capabilityPublication . Pedron, Cristiane Drebes; Picoto, Winnie; Colaço, Miguel; Araújo, Cintia CristinaCustomer relationship management (CRM) is a topic discussed, mainly, by information systems and marketing management areas. Many organizations are already using CRM systems. When a company uses CRM, it develops different organizational capabilities some of which lead to innovation. Whilst there are some studies that already analyze the creation of innovation capabilities resulting from the usage of a CRM system, how this is achieved has not been understood. The present study aims to contribute to this debate by building on the dynamic capabilities theory to develop a conceptual model for understanding the innovation capabilities development through CRM usage. The research question that guides this paper is: “What is the role of Dynamic Capabilities in the creation of innovation capabilities through CRM usage?” We conduct an exploratory study based on qualitative experts’ interviews. Our findings support the argument that CRM drives innovation through dynamic capabilities. In fact, by sensing, seizing and reconfiguring market opportunities and threats, CRM allows organizations to generate innovation.
- Sistema de CRM: o papel das capacidades dinâmicas na criação das capacidadesPublication . Pedron, Cristiane Drebes; Picoto, Winnie; Colaço, Miguel; Araújo, Cintia CristinaCustomer Relationship Management (CRM) é um tema discutido principalmente pelas áreas de sistemas de informação e de marketing. Muitas organizações já usam sistemas de CRM. Quando uma empresa utiliza o CRM, desenvolve diferentes capacidades organizacionais e algumas delas levam à inovação. Apesar de já existirem alguns estudos que analisam a criação das capacidades de inovação resultantes da utilização do sistema de CRM, ainda não foi compreendido como essas capacidades são obtidas. O presente artigo procura contribuir com este debate, valendo-se da teoria das capacidades dinâmicas para desenvolver um modelo conceitual que permita compreender como se dá o desenvolvimento das capacidades de inovação por meio da utilização do CRM. A questão de pesquisa que guiou este artigo foi: “Qual o papel das Capacidades Dinâmicas na criação das capacidades de inovação através do uso do sistema de CRM?”. Nós conduzimos um estudo exploratório baseado em entrevistas com especialistas. Os nossos resultados suportam o argumento de que o CRM conduz à inovação por meio das capacidades dinâmicas. De fato, “sensing, seizing e reconfiguring” oportunidades e ameaças no mercado permitem à organização gerar inovação.
- Earnings and capital management in European banks : Combining a multivariate regression with a qualitative comparative analysisPublication . Pinto, Inês; Picoto, WinnieIn this paper, we analyze the effects of the 2008 financial crisis and the ensuing sovereign debt crisis on the quality of financial reporting in European banks by investigating the existence of earnings and capital management. The sample comprises countries for which the debt crisis was more severe (Greece, Portugal, Ireland, and Italy) and two major European economies (France and Germany) for which the crisis was not as severe. The data analysis consists of a multivariate regression to examine the correlation between operating income and banks' regulatory capital via loan loss provisions. Further, we use a fuzzy-set qualitative comparative analysis (fsQCA) that indicates causal paths for the loan loss provisions. The multivariate results indicate that bank managers use loan loss provisions to manage earnings and regulatory capital during the sample period. The findings do not provide clear evidence of a decrease in managerial discretion after the 2008 financial crisis. Nevertheless, in the severely affected countries, the results indicate that the level of earnings and capital management decreases. Further, fsQCA shows that loan loss provisions exist and that a bank's size and its nonperforming loans can play key roles in their existence
- Tax compliance as a driver for adopting information technologies – effect on competencies development and on competitive advantagesPublication . Martins, Adérito Leitão; Picoto, WinnieAbstract: Purpose – The adoption of information systems (IS) by small- and medium-sized enterprises (SME) leads to the acquisition of new competencies and relative advantages. In some cases, the decision to adopt IS results from legal obligations that companies must comply with. This paper aims to assess the effect of the mandatory digital transmission of documents to the tax and customs authority on the decision to adopt IS by SMEs. Design/methodology/approach – The authors propose a research model to analyze the antecedents of IS adoption and the relationship between that adoption and the development of new competencies and the consequent relative advantages. Based on the data from 94 European SMEs, this paper tests the research model with a partial least squares approach. Findings – The findings show that companies decide to adopt IS due to their obligations for tax compliance. However, while some companies decide to adopt basic IS just to comply with the transmission of documents, others decided to implement more complex systems to satisfy wider company needs. Research limitations/implications – Due to time constraints, the characteristics of the respondents such as their sector of activity, the sensitivity of companies and entrepreneurs to IS, their geographic distribution or years of activity were not studied. As mentioned above it is important to investigate further the characteristics of the companies and their differentiation factors between those who only invest to reduce costs and those that see IS as a differentiating factor. This factor could be a source of information to study the company and its environment that is very useful in increasingly competitive markets. Practical implications – This study is important because it shows managers the possible ways of thinking that can guide their investment decisions and whether these will lead them to face future challenges. Originality/value – For researchers, this paper shows how a change in the law may have an effect on decisions to adopt technology and how existing theories can be applied to study the effects of changes in the law.