Revista Europea de Dirección y Economía de la Empresa最新文献

The international financial crisis that began in August 2007 has had devastating effects on international capital markets. The aim of this paper is to study whether the crisis has led to the Spanish financial market firms obtaining abnormally negative returns, and then to investigate what factors related to corporate governance could justify these anomalies. The results demonstrate that: (i) when the same person assumes the position of managing director and chairman of the board this, contrary to expectations, has had beneficial effects on corporate governance, with these anomalies gradually disappearing over time; (ii) high levels of leverage have led to the disappearance of the benefits of debt and are justifying the positive relationship with negative abnormal returns; and (iii) the ability to control boards with numerous members confirms that corporate management has not been effective, since the trajectory of the yields of the companies has deteriorated.

With the increasing expansion of Internet as a tool for exchanging information, companies include in their websites a virtual space to share information among users. This study explores the characteristics of consumers’ reviews (electronic word-of-mouth quantity, credibility and quality) as antecedents of customers’ online repurchase intentions. Specially, it proposes a model where trust on an online seller, consumers’ actitude and perceived usefulness of a website have an influence on repurchase intentions. For testing the hypotheses, an online survey was employed, using a convenience sample with 252 customers. Structural equation modeling with Partial Least Squares (PLS) was used to test the research model. Results show that all EWOM characteristics have a positive influence on perceived usefulness of the website. Moreover, only EWOM quality has a positive and direct effect on trust on online seller, and EWOM quantity has a negative one. This work highlights the importance of attitude towards online seller and the perceived usefulness of the website as antecedents of online repurchase intention.

The main aim of this study is to analyse the effects of corporate identity management in higher education. Specifically, to study the perceptions that teaching staff may have about its management, as well as to analyse the effects on their attitudes and behaviour. An online survey aimed at the teaching faculty of different public universities in Spain was carried out, and the data was analysed using structural equation modelling. The results gathered suggest that a suitable management of the key elements of corporate identity (visual identity, communications, behaviour and corporate culture) contributes to the creation of an attractive identity for the University. In turn, this attractive identity will lead faculty staff to feel more identified with the University, and to more positive attitudes and behaviours towards the University. However, not all the elements have the same effects. The results obtained may advance the academic literature of corporate identity and also contribute for the managerial practice of these institutions.

Leasing transactions have gained lot of importance on the housing market due to the current economic crisis, in which there exists little access to the credit from the financial institutions. The aim of this paper is the financial analysis of this transaction, addressed to the decision making process by the lessor and the lessee since, contrary to the bank financing, the leasing is usually a contract negotiated between both parties where none of them imposes its conditions on the other one. The methodology used distinguishes between commercial and speculative purchase, and the solution offered is based on the use of incomes and the calculation of the implicit cost. The principal contribution of this work is the introduction of the so-called points of indifference, which are presented as a new concept which collects, in a unique parameter, all the variables involved in this class of transactions. This will allow us to compare both alternatives, providing different points of inflexion that can be used in the negotiation.

This study analyzes the effects of six different credit rating announcements on systematic and idiosyncratic risk in Spanish stocks from 1988 to 2010. We analyze announcement by the main rating agencies: Moody's, Standard & Poor's and Fitch. We apply an extension of the event study in a CAPM model. We find effects in both kinds of risk, indicating that rating agencies provide new information to the market. Rating actions that imply an improvement in credit quality cause lower systematic and idiosyncratic risk, with lower effect in beta risk. Conversely, ratings announcements that imply credit quality deterioration cause a rebalance in both types of risk, with higher beta risk being joined with lower diversifiable risk. Moreover, the risk responses depend on the characteristics of the announcement, the issuer and the economic environment.

Most of articles that have recently appeared studying electronic service quality propose scales that are focused on measuring the quality of a particular service. The main purpose of this study is to propose a scale to measure the service quality of three services purchased over the Internet: online travel reservations, accommodation reservations, and online ticketing. The results show that the scale proposed is valid, reliable and it possess measurement equivalence across the services. However, the importance of the dimensions varies depending on the service. Thus, the design is the most important factor in the evaluation of ticketing Websites, while the reliability is the most important dimension in the evaluation travel and accommodation reservations websites.

The present paper attempts take an in-depth look into the configuration of social capital as a multi-dimensional construct, and unlike other studies, the dimensions are interrelated, and all of this in a global inter-organizational context. This work also analyses the influence of the cross-national diversity of corporate governance on the configuration of social capital. A variance-based structural equation modelling (partial least squares) and the multi-group analysis have been applied to a sample consisting of 225 global contractors. The findings lead us to argue that the different dimensions of social capital configuration do not act independently, but they exert a certain effect among themselves, and also affect the international market share of the company. Furthermore, the way each company configures the dimensions of social capital dimensions will depend on the company's corporate governance style.

This study starts out from two premises. Firstly, previous studies show that the quality of traditional services can be perceived differently by different customers. Secondly, in the electronic services area some researchers have used the sociodemographic profile of the Internet user to explain the differences in their online behavior. In the light of this, our study analyze whether the perceived quality of electronic services can vary depending on the sociodemographic and web-graphics characteristics of the online consumer (age, gender, level of education, and frequency of Internet use). The responses were obtained from 267 online consumers who have experienced a problem during the online service delivery (service encounters with incidents). The results show (1) the reliability dimension is that which is best valued, while the service recovery has the worst performance, (2) the perceived quality of service is relatively homogenous between the different groups of online buyers, and (3) the measurement invariance of the measurements is demonstrated.

In this paper, a study is made of the effects of local and cross-border cooperation between small and medium sized enterprises (SMEs) on company innovation and performance. In line with previous works, it is maintained that cooperation positively impacts on company performance and innovation levels, while also finding that this effect is likely to be moderated by just how the firm conceives its cooperation configuration.

A bivariate linear model was used to test a a sample of 61 Portuguese and Spanish cross-border SMEs. The results confirm that cooperation is positively associated with company performance and innovation results. However, the cooperation configuration reveals different characteristics. It is conclude that co-operation with suppliers and qualified human resources are determining factors of local co-operation. In contrast, innovation related activities are crucial to cross-border cooperative activities. Overall, a contribution is made to the existing local and cross-border co-operation literature by demonstrating how SMEs may leverage increasing returns when able to combine innovation and cooperation.