2009, Volume XIV, nº 3
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- Business-to-business relationship qualityPublication . Vieira, Armando LuísRelationship quality (RQ) is increasingly seen as a key factor of competitive advantage, replacing service quality and customer satisfaction as a source of superior performance. Despite the crucial role that relationship managers play in building business-to-business (828) relationships, little research has looked at the antecedents of RQ from an interpersonal perspective. In order to respond to the numerous calls for clarification, for there is still some ambiguity around this topic, this study aims to provide a better understanding of the nature and determinants of RQ. A combination of a literature review and the results of a series of interviews with relationship managers of hotels operating in Portugal and their counterparts in corporate clients informed the development of a model, which was subsequently tested using LISREL. Findings highlighted the association between the presence of designated client managers and high quality business relationships, and suggested directions to improve the performance of organisations in building 828 RQ.
- Capital structure signaling theory : evidence from the greek stock exchangePublication . Markopoulou, Maria K.; Papadopoulos, Demetrios L.The paper's aim is to review the capital structure theories, and especially signaling theory. It investigates whether the capital structure signaling theory is reliable in cases of companies listed at the Athens Stock Exchange. The companies used in the sample, raised new equity from 2004 until 2006, and the paper examines their stock price reaction to the announcement.
- An analysis of the portuguese venture capital market : partial exits versus total exitsPublication . Félix, Elisabete Gomes Santana; Esperança, José Paulo; Gulamhussen, Mohamed Azzim; Pires, Cesaltina PachecoThis article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated by Small Business Investment, SA and Price WaterHouse Coopers, for the Associação Portuguesa de Capital de Risco e de Desenvolvimento (APCRI), by way of questionnaire sent to the resident Portuguese venture capital companies. We used Logit models in which the dependent variable is a dummy indicating if a partial exit occurred and the independent variables are all dummies referring to investment and divestment characteristics. We conclude that when the exit occurs through IPO, this increases the probability of a partial exit occurring and that the longer the duration, the smaller is the probability of a partial exit. Both results support the hypothesis that the higher the degree of informational asymmetry, the higher the probability of a partial exit.
- Basel II : operational risk measurement in the portuguese banking sectorPublication . Couto, Gualter; Bulhões, Kevin MedeirosThe present work focuses on one of the principal themes associated with the New Basel Accord - operational risk and its respective methodologies for calculating minimum capital requirements. The new capital accord encourages financial institutions to gradually evolve from basic to sophisticated methodologies. Institutions applying sophisticated methods will be rewarded with deductions on capital allocated when calculating the capital ratio. The methodologies related to operational risk will be applied to a group of national banking institutions. These methodologies are referred to in Pillar I of the new capital accord: (i) the basic indicator approach, (ii) the standardized approach and (iii) the alternative standardized approach. The purpose of this practical application is to evaluate and quantify the impact on several national banks of the different approaches linked to operational risk, introduced by Basel II.