Search results

1 – 10 of 112
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 24 October 2023

Luís Pacheco

Third-party certifications promote firms' high standards and enhance their legitimacy and reputation, potentially positively impacting their performance, namely on exports.

96

Abstract

Purpose

Third-party certifications promote firms' high standards and enhance their legitimacy and reputation, potentially positively impacting their performance, namely on exports.

Design/methodology/approach

This paper studies the differences in firms' export performance between firms with and without the “SME Leader” label, a Portuguese firm-specific label. This study data set comprises data for 5.489 SMEs, for 2014–2020, where 2.950 firms obtained their certification during the period and 2.539 are non-certified control firms. The methodology adopted circumvents the traditional endogeneity problems in this type of study.

Findings

The results indicate that the “SME Leader” label does not directly improves a firm's export performance. Additionally, industry characteristics seem relevant for the relationship between SMEs' certification and their levels of internationalization.

Originality/value

Since the study sample includes firms from all industrial sectors, this study results apply to various organizations.

Propósito

Las certificaciones de terceros promueven los altos estándares de las empresas y mejoran su legitimidad y reputación, lo que puede tener un impacto positivo en su desempeño, especialmente en las exportaciones.

Diseño/metodología/enfoque

Este documento estudia las diferencias en el desempeño de las exportaciones de las empresas entre las empresas con y sin la etiqueta “Líder PYME”, una etiqueta específica de la empresa portuguesa. Nuestro conjunto de datos comprende datos de 5.489 Pymes, para 2014–2020, donde 2.950 empresas obtuvieron su certificación durante el período y 2.539 son empresas de control no certificadas. La metodología adoptada sortea los tradicionales problemas de endogeneidad en este tipo de estudios.

Resultados

Los resultados indican que la etiqueta de “PYME líder” no mejora directamente el desempeño exportador de una empresa. Además, las características de la industria parecen relevantes para la relación entre la certificación de las PYMES y sus niveles de internacionalización.

Originalidad/valor

Dado que nuestra muestra incluye empresas de todos los sectores industriales, nuestros resultados se aplican a varias organizaciones.

Access Restricted. View access options
Article
Publication date: 28 February 2023

Isabel Maldonado, Carlos Pinho, Carla Lobo and Luis Pacheco

This study aims to analyse the relationship between the internationalisation performance of the company and, on the one hand, the factors that determine the internationalisation…

275

Abstract

Purpose

This study aims to analyse the relationship between the internationalisation performance of the company and, on the one hand, the factors that determine the internationalisation strategy and, on the other hand, the factors considered as inducers of this internationalisation process. The purpose of this study is to relate the determinants and inducing factors of the internationalisation process with the performance of internationalised companies, trying to assess how these determinants and these factors contribute to better performance.

Design/methodology/approach

The authors sent out a questionnaire to Portuguese exporting companies, containing questions regarding determinant factors associated with both the characteristics of origin market and target market of the internationalisation process and internationalisation inducing factors. The questionnaire results were subjected to a regression analysis.

Findings

The results indicate a positive relationship with the characteristics of the domestic market, more specifically with the need to reduce and diversify risk and the need to win new markets and consumers. Regarding the characteristics of the foreign market, there is a positive relationship with the determinants: follow customers and favourable perspectives of growth in the new market. In relation to the internationalisation inducing factors, those factors that the entrepreneur recognises as the triggers of the internationalisation strategy, the researchers found the existence of a positive relationship with formal and informal contact networks, as well as specific employee skills, international experience and strong propensity for entrepreneurship and risk-taking.

Research limitations/implications

This study presents some limitations. On the one hand, the fact that the authors used the questionnaires, which seemed to be the most adequate approach, brings as a drawback the reduced number of answers. Further collection is in order to increase the sample under study. On the other hand, the literature presents different approaches that may be tested as well as the possibility of including other types of variables that the researchers will address in future studies.

Originality/value

By analysing the relationship between company performance in the internationalisation process and the factors that determine and induce this internationalisation process, this study seeks to identify which factors entrepreneurs should favour and strengthen to obtain a better performance in the internationalisation process. In addition, the authors use the concept of inducing factors that represent the firm's characteristics that trigger the internationalisation strategy. In a complementary perspective, the authors intend to contribute to the identification of the factors that new Portuguese entrepreneurs should pay more attention to, when starting their internationalisation process and that will improve their performance.

Details

Journal of Organizational Change Management, vol. 36 no. 1
Type: Research Article
ISSN: 0953-4814

Keywords

Access Restricted. View access options
Article
Publication date: 10 January 2024

António Carvalho, Luís Miguel Pacheco, Filipe Sardo and Zelia Serrasqueiro

The behavioural theory adds a new paradigm of analysis with the assumptions of the decision maker’s cognitive biases and their repercussions on financing decisions. The aim of the…

317

Abstract

Purpose

The behavioural theory adds a new paradigm of analysis with the assumptions of the decision maker’s cognitive biases and their repercussions on financing decisions. The aim of the study is to analyse the repercussions of these biases on the adjustment speed of firm’s capital structure toward the optimal level.

Design/methodology/approach

Based on a partial adjustment model, the study uses the Dynamic Panel Fractional estimator to analyse panel data from 4,990 Portuguese entrepreneurial firms.

Findings

The results show that the cognitive overconfidence bias impacts the entrepreneurial firm’s capital structure. In fact, the firms run by overconfident managers adjust more slowly than their counterparts. Furthermore, the findings suggest that entrepreneurial firms make relatively fast adjustments toward the optimal debt level and follow a hierarchical financing order in the funding process.

Practical implications

The results of this paper are not only interesting to the academia, but also contain practical implications for corporate, institutional and business policy and governance. First, the paper introduces a new measure of cognitive bias in optimistic managers, which is useful for current and future academic research. Also, in practical terms, the findings of the paper reveal that when a company is contemplating hiring a manager, it should consider whether they need an optimistic or non-optimistic manager based on the company's present life cycle or situation.

Originality/value

The current analysis extends the existing literature. The study suggests that financial classical and behavioural paradigms should not be separated, which can provide evidence to help narrow the gap between these two major perspectives.

Details

Journal of Small Business and Enterprise Development, vol. 31 no. 1
Type: Research Article
ISSN: 1462-6004

Keywords

Access Restricted. View access options
Article
Publication date: 19 July 2024

Júlio Lobão, Luís Pacheco and Daniel Carvalho

This paper investigates share price clustering and its determinants across Nasdaq Stockholm, Copenhagen, Helsinki, and Iceland.

49

Abstract

Purpose

This paper investigates share price clustering and its determinants across Nasdaq Stockholm, Copenhagen, Helsinki, and Iceland.

Design/methodology/approach

This paper investigates share price clustering and its determinants across Nasdaq Stockholm, Copenhagen, Helsinki, and Iceland. Univariate analysis confirms widespread clustering, notably favouring closing prices ending in zero. Multivariate analysis explores the impact of firm size, price level, volatility, and turnover on clustering.

Findings

Univariate analysis confirms widespread clustering, notably favouring closing prices ending in zero. Multivariate analysis explores the impact of firm size, price level, volatility, and turnover on clustering. Results reveal pervasive clustering, strengthening with higher prices and turnover but weakening with larger trade volumes, firm size, and smaller tick sizes. These empirical findings support the theoretical expectations of price negotiation and resolution hypotheses.

Practical implications

The observed clustering presents an opportunity for investors to potentially capitalize on this market anomaly and achieve supra-normal returns.

Originality/value

Price clustering, the phenomenon where certain price levels are traded more frequently, challenges the efficient market hypothesis and has been extensively studied in financial markets. However, the Scandinavian stock markets, particularly those in the Nasdaq Nordic Exchange, remain unexplored in this context.

Available. Open Access. Open Access
Article
Publication date: 6 November 2017

Júlio Lobão, Luís Pacheco and Carlos Pereira

People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be…

1759

Abstract

Purpose

People often face constraints such as a lack of time or information in taking decisions, which leads them to use heuristics. In these situations, fast and frugal rules may be useful for making adaptive decisions with fewer resources, even if it leads to suboptimal choices. When applied to financial markets, the recognition heuristic predicts that investors acquire the stocks that they are aware of, thereby inflating the price of the most recognized stocks. This paper aims to study the profitability against the market of the most recognized stocks in Europe.

Design/methodology/approach

In this paper, the authors perform a survey and use Google Trends to study the profitability against the market of the most recognized stocks in Europe.

Findings

The authors conclude that a recognition heuristic portfolio yields poorer returns than a market portfolio. In contrast, from the data collected on Google Trends, weak evidence was found that strong increases in companies monthly search volumes may lead to abnormal returns in the following month.

Research limitations/implications

The applied investment strategy does not account for transaction costs, which may jeopardize its profitability given the fact that it is necessary to revise the portfolio on a monthly basis. Despite the results obtained, they are useful to understanding the performance of recognition heuristic strategies over a comprehensive time horizon, and it would be interesting to depict its viability during different market conditions. This analysis could provide additional information about a preferable scenario for employing our strategies and, ultimately, enhance the profitability of recognition heuristic strategies.

Practical implications

Through the exhaustive analysis performed here on the recognition heuristic in the European stock market, it is possible to conclude that no evidence was found for the viability of exploring this type of strategy. In fact, the investors would always gain better returns when adopting a passive investment strategy. Therefore, it would be wise to assume that the European market presents at least a degree of efficiency where no investment would yield abnormal returns following the recognition heuristic.

Originality/value

The main objective of this paper is to study the performance of the recognition heuristic in the financial markets and to contribute to the knowledge in this field. Although many authors have already studied this heuristic when applied to financial markets, there is a lack of consensus in the literature.

Details

Journal of Economics, Finance and Administrative Science, vol. 22 no. 43
Type: Research Article
ISSN: 2077-1886

Keywords

Access Restricted. View access options
Article
Publication date: 21 August 2019

Vítor Fonseca, Luís Pacheco and Júlio Lobão

The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies.

676

Abstract

Purpose

The purpose of this paper is to study the existence of psychological barriers in cryptocurrencies.

Design/methodology/approach

To detect psychological barriers, the authors perform a uniformity test, a barrier hump test, a barrier proximity test and conditional effects test to a sample comprised by the daily closing quotes of six of the most liquid cryptocurrencies.

Findings

The results evidence the existence of psychological barriers in four of the cryptocurrencies under scrutiny, namely, Bitcoin, Dash, NEM and Ripple.

Practical implications

The fact that the cryptocurrency market has a high share of unexperienced investors and presents several cases of psychological barriers is consistent with the hypothesis that that class of investors is particularly prone to the behavioral biases which cause psychological barriers.

Originality/value

This paper studies, for the first time, the existence of psychological barriers in the market of cryptocurrencies.

Details

Review of Behavioral Finance, vol. 12 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

Access Restricted. View access options
Article
Publication date: 19 June 2017

Luis Miguel Pacheco

The purpose of this paper is to empirically examine the relationship between the firms’ ownership and control structure and their export performance. The literature is…

672

Abstract

Purpose

The purpose of this paper is to empirically examine the relationship between the firms’ ownership and control structure and their export performance. The literature is traditionally focused on the relationship between firms’ performance and internationalization, with the relationship between ownership and control structure with internationalization being much less studied, particularly in the context of family firms.

Design/methodology/approach

The authors focus their study on the Portuguese wine firms due to their increasing importance in the Portuguese economy and in the promotion of the country’s exports and image abroad. They used a balanced panel data sample of 82 firms for the period from 2011 to 2015 and applied a random effects model and a Tobit specification.

Findings

The degree of family involvement shows a negative and significant relationship with internationalization, meaning that family firms that intend to internationalize should be open to receive external managers with international experience and increase their internal competencies to enhance internationalization.

Originality/value

This paper extends the literature since assesses, at the light of the agency theory, the presence of differences in the internationalization degree and export intensity between family firms that are managed and controlled by the owners and family firms that are managed by non-family members, with an application to a less studied sector and country.

Details

International Journal of Wine Business Research, vol. 29 no. 2
Type: Research Article
ISSN: 1751-1062

Keywords

Available. Content available
Book part
Publication date: 3 September 2021

Free Access. Free Access

Abstract

Details

Pandemics and Travel
Type: Book
ISBN: 978-1-80071-071-9

Access Restricted. View access options
Book part
Publication date: 31 July 2023

Rob van Tulder, Isabel Álvarez and Elisa Giuliani

A cascade of crises that materialized in particular over the 2019–2022 period, increases the relevance for international business (IB) scholarship to address the following…

Abstract

A cascade of crises that materialized in particular over the 2019–2022 period, increases the relevance for international business (IB) scholarship to address the following question: whether, to what extent and under what circumstances can multinational enterprises (MNEs) rescue the sustainable development goals (SDGs) and make sure that nobody is left behind in a globalized world where the opposite seems to be the case? For many MNEs, slow progress in implementing the SDGs in a more strategic and transformational manner does not necessarily hint at a lack of interest with management, but also at a lack of solid knowledge and/or experience in how to implement general development ambitions like the SDGs. This introductory chapter defines the intellectual and managerial challenges ahead. It refers to relevant efforts already done in the IB community – with reference to IB journals that issued special editions on the topic – and explains why five angles have been chosen to cluster the contributions in this volume which are also aimed to enhance further progress in the study of MNEs and the SDGs: (1) general, (2) strategic, (3) operational, (4) contextual and (5) misbehavior.

Details

International Business and Sustainable Development Goals
Type: Book
ISBN: 978-1-83753-505-7

Keywords

Access Restricted. View access options
Article
Publication date: 1 October 2018

Ibere Guarani de Souza, Daniel Pacheco Lacerda, Luis Felipe Riehs Camargo, Aline Dresch and Fabio Antonio Sartori Piran

The purpose of this paper is to analyze the productive efficiency and the best operational practices in an armaments manufacturer.

311

Abstract

Purpose

The purpose of this paper is to analyze the productive efficiency and the best operational practices in an armaments manufacturer.

Design/methodology/approach

A longitudinal case study is performed using data envelopment analysis (DEA). Using DEA, an assessment of six years in the company manufacturing process is conducted. The research aims at developing an internal benchmark on three production lines of the company.

Findings

The results show that only one of the three analyzed production lines increased efficiency over time. With this result, the most efficient production line may be used as a reference in relation to the best operational practices of the company. Moreover, it was found that the current indicators to evaluate efficiency are insufficient and may lead to wrong management decisions.

Practical implications

This research could allow a larger understanding of the factors that really contribute to increased operational efficiency. This is due to internal benchmark assist in the identification of the best practices. The identification of best practices can contribute to enhance the efficiency of inefficient operations without the need for external comparisons.

Originality/value

DEA contributes due to its robustness, for the evaluation of productive efficiency. One of the contributions of this study is to identify opportunities for improvement in key components of the operation through targets, internal benchmarking and robust assessment of productive efficiency.

Details

Benchmarking: An International Journal, vol. 25 no. 7
Type: Research Article
ISSN: 1463-5771

Keywords

1 – 10 of 112
Per page
102050