2007, Volume XII, nº 1
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- The cost of equity of portuguese public firms : a downside risk approachPublication . Pereira, RicardoThe most important asset pricing models consider that an investor's utility function is completely defined by mean and variance, which requires the normality of the stock's return distribution (or that stock returns are not skewed). However, not all stocks or markets have normal returns (e.g.: emerging markets and small public firms). The higher-order moments of stock return distributions {such as skewness and kurtosis) are valued by investors and need to be incorporated in the asset pricing models. In this article we analyse the normality and symmetry of a sample of Portuguese stocks and estimate their cost of equity {or the investors' required return on equity) using several measures of downside risk.
- Market orientation and the synergistic effect of mediating and moderating factors on performance : the case of the fashion clusterPublication . Maçães, Manuel A. Ramos; Farhangmehr, Minoo; Pinho, José CarlosIt is commonly accepted that a market-oriented behaviour has a positive impact on organizational performance. This study provides additional support for the classical relationship between market orientation and organizational performance and goes further by not only including in the model the mediating role of both the organizational learning and organizational innovation, but also examining the potential moderating impact of the environmental conditions in the previous relationship.The analysis is based on data collected from a sample of 130 Portuguese SME operating in the fashion cluster. Implications and future research questions based on the findings are offered at the conclusion of the paper.
- Web consumer behavior : the effect of enjoyment on innovativenessPublication . Serra, Elisabete Magalhães; Colmenero-Ferreira, Fernando; Vieira, José Manuel CarvalhoThis research analyzes if the degree of entertainment, enjoyment and involvement with information from a website makes the adoption of innovative purchase behaviors easier. The proposition was that the first consumers in the web portals are consumer innovators, and such innovators will buy new products that are present on this new commerce platform. This study conducted an experiment followed by a questionnaire survey to verify this proposition. Domain specific innovativeness scales (DSI) are used to measure consumers' innovativeness for web commerce. The results suggest that: (1) the degree of entertainment and involvement with the information provided by the website does not change the online shopper's behavior; (2) the degree of website enjoyment can increase innovative purchases behavior.