FDI,income inequality and poverty: a time series analysis of Portugal, 1973–2016

Portuguese Economic Journal - Using time series data for Portugal between 1973 and 2016, this paper examines to what extent, inward FDI contributes to income inequality and poverty in the long-run....     

Determinants of Visitors’ Intentions to Consume and Recommend Local Agro-Food Products

Previous research has revealed the relevance of consuming local food products in the visitor experience and in maintaining the sustainable development of tourism destinations. By reviewing the available studies in the field of tourism, attempts have been made to identify those factors influencing the consumption of local food products during a trip. However, few studies have analysed visitors’ behaviour in terms of their intentions to search for and recommend these products after returning to their home countries. The present study addresses this gap by analysing the factors that influence visitors’ intentions. A total of 500 international tourists in Portugal were interviewed and several linear regression models were used. The evaluation shows that the attributes of local agro-food products, food-related personality traits, and the motivations behind consuming these kinds of products emerge as the most important factors that influence visitors’ intentions to consume these products and to recommend them after a trip. However, the results also show differences in the determinants in terms of type of local agro-food product under analysis, as well as differences between the intention to consume and the intention to recommend. The theoretical and managerial implications of the findings are also presented.     

Avoiding household food waste,one step at a time: The role of self-efficacy,convenience orientation,and the good provider identity in distinct situational contexts

A primary cause of food waste in households is a lack of food capabilities. Yet, the antecedents of food capabilities and its relationship with causes of food waste across different situational contexts remain poorly understood. We apply self-efficacy theory in combination with convenience orientation and good provider identity in a mixed-methods study. Findings reveal that the sequential structure of self-efficacy explains how capabilities contribute to food waste avoidance. A good provider identity, however, increases food waste, and also turns out to further convenience orientation. Food capabilities, in turn, reduce convenience orientation. Qualitative insights shed light on consumer's own accounts of their abilities. The findings contribute to a theory-based understanding of how consumers manage the complex issue of food waste. Findings imply that public policy and marketing should aim to strengthen consumers' self-efficacy beliefs and redefine the good provider identity, in particular in social contexts, to reverse its effect on waste.     

Understanding drivers and outcomes of lurking vs. posting engagement behaviours in social media-based brand communities

ABSTRACT

Social media-based brand communities (SMBBC) are ideal tools to develop Consumer Engagement (CE). Yet, brands do not fully understand whether members are really loyally engaged with the brand and uncertainties remain regarding SMBBC return on investment. Therefore, our aim is to understand what drives CE within SMBBC, to relate it to different CE behaviours and to study its impact on brand loyalty. Data from 213 Facebook users was analysed using PLS-SEM. The study concludes that the drivers for passive/lurking and active/posting behaviours differ and vary according to brand type, with the former revealing a stronger positive association with brand loyalty than the latter. This study also provides valuable insights into CE literature and to brands holding SMBBC, helping them to successfully develop social media strategies.     

Conditional risk-neutral density from option prices by local polynomial kernel smoothing with no-arbitrage constraints

Review of Derivatives Research - A new approach is considered to estimate risk-neutral densities (RND) within a kernel regression framework, through local cubic polynomial estimation using intraday...     

Corporate social responsibility,country-level predispositions,and the consequences of choosing a level of disclosure

We study the different levels of corporate social responsibility (CSR) disclosures of the largest European firms. We find that firms are more predisposed to disclose more CSR information in countries with better investor protection, higher levels of democracy, more effective government services, higher quality regulations, more press freedom, and a lower commitment to environmental policies. Our analysis of the association of different levels of CSR disclosure with share prices indicates that a high level of CSR disclosure is associated with higher share prices, whereas a low level of CSR disclosure in sensitive industries is associated with lower share prices (compared to no disclosure). These results are also present when we analyse changes in CSR disclosure and are robust to the inclusion of an accounting quality measure in our model. The overall effect of the association of higher levels of CSR disclosure with higher share prices is stronger in countries with more democracy, more government effectiveness, better regulatory quality, and more press freedom. Therefore, market participants find CSR disclosures more informative in countries where investors are in a better position to voice their concerns and where there is better regulation and more effective government implementation of regulations.     

Goodwill and Mandatory Disclosure Compliance: A Critical Review of the Literature

The aim of this paper is to critically analyse the literature published from 2002 to mid‐2015 on disclosures of goodwill and their respective impairment tests; identify the main contributions of the literature, as well as its limitations; and suggest new approaches for future research. We also present a summary of the main determinants of disclosures on goodwill in the literature as well as the still scarce studies’ conclusions of those disclosures in the market. After a review of the literature, we discuss the need to reinforce enforcement mechanisms, so as to improve the level of compliance of disclosures on goodwill and their impairment tests. The majority of the analysed literature reveals that the information disclosed about goodwill is incomplete and largely heterogeneous, indicating a reduced level of compliance with the disclosures required by accounting standards. The paper may support the development of future empirical studies about goodwill's disclosures, which will bridge the identified gaps in the literature.     

Royalty licensing

Most patent licensing agreements observed empirically include either per-unit or ad valorem royalties. The theoretical literature generally focuses on per-unit royalties. We provide a simple justification for the presence of ad valorem royalties in licensing contracts.     

Can apprenticeships contribute to innovation in SMEs? The case of Catalonia

The objective of this study is to analyse the contribution of students of vocational education and training (VET) to the innovation processes of small‐ and medium‐sized enterprises (SMEs) during their apprenticeships. Qualitative research was conducted through in‐depth interviews with 97 respondents in Catalonia, including VET teachers and students, SME managers, and social and institutional agents. Our findings reveal that public institutions have a partial view of innovation, mostly influenced by an industrial positioning, which leads to the neglect of other components, such as the social aspects. In addition, regarding public programmes designed to foster innovation through VET, the results show a lack of coordination between VET schools, SMEs and public administrations. Finally, in relation to apprentices, we find a low participation in innovation processes by students during their apprenticeship as a consequence of the bad implementation of innovation public programmes, due to the lack of coordination between VET schools and SMEs.     

Further empirical evidence on block transactions below the MBR: the Spanish market

There is a relatively unknown market for partial control or corporate influence in Spanish listed firms, where the control transaction size is below the legal threshold that triggers a mandatory tender offer, as this kind of deal looks for exercising some degree of control, but not a full control. The goal of this paper is to go further in its empirical analysis by exploring its distinguishing features, using as the criterion to define its transactions obtaining a seat in the board of directors. We find that these deals are mainly located in the segment of the market of large trades where the rules for private negotiations are easier to implement; the size of the block is relatively large and it is negotiated as a whole block. Besides, the most common buyer has no previous stake in the firm. We find no evidence that the buyers pay, in median, for a seat on the board of directors, but the variability of the premiums for those blocks is higher and shows that buyers that had no control position in the target firm pay more for being among largest shareholders (partial control) and less for not being among them (influence).