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Article
Publication date: 20 November 2017

Javier Alfonso Rodríguez-Escobar and Javier González-Benito

This research aims to establish the role of the purchasing function’s strategic alignment in the relationship between well-established practices and performance in that…

1146

Abstract

Purpose

This research aims to establish the role of the purchasing function’s strategic alignment in the relationship between well-established practices and performance in that function. It is argued that the strategic alignment of purchasing may have effects (direct, mediating and moderating effects) on the purchasing function’s operating performance.

Design/methodology/approach

The hypotheses derived from key studies about strategic and advanced purchasing practices are tested with data from 156 industrial companies using structural equation modelling methodology.

Findings

The results suggest that the effect of strategic alignment on the role of purchasing consists of mediated effects on purchasing performance through implementation of certain advanced practices. It was also concluded that strategic alignment – as well as the implementation of these advanced purchasing practices – fosters the implementation of differentiation strategies based on quality, dependability and flexibility rather than on the implementation of cost leadership strategies.

Research limitations/implications

Although it is a common practice in operations management research, the use of perceptual measures obtained from a single informant constitutes a noteworthy limitation. Future research should make an effort to combine different sources of information and to identify and use more objective indicators.

Practical implications

Top managers should take into account the need to involve the purchasing function in the firm’s strategic planning process.

Originality/value

The results not only confirm findings from previous literature as to the purchasing function’s strategic relevance but also help clarify the mechanisms that make this integration important.

Article
Publication date: 10 April 2017

Carmen Antón, Carmen Camarero and Javier Rodríguez

The purpose of this paper is to analyze the adoption process of e-book readers and examine how the perception concerning the advantages of this technology and its…

1427

Abstract

Purpose

The purpose of this paper is to analyze the adoption process of e-book readers and examine how the perception concerning the advantages of this technology and its incompatibility with consumer values determine the pleasure felt and its effective use. The authors also propose that consumer involvement with information and communication technologies (ICTs) moderates these effects.

Design/methodology/approach

Hierarchical moderated regression analysis is used to test the proposed model with survey data from a sample of e-book reader owners.

Findings

Appraisal of the device’s reading features and the possibility for free downloading increases the pleasure found with its use and the extent to which it is actually used, whereas attachment to paper books decreases the emotional feeling, with some of these effects being moderated by the individual’s involvement with new ICTs. Pleasure mediates the influence of perceived advantages and attachment to the older technology on the use of the e-book reader device.

Practical implications

Two challenges to practitioners are suggested: to overcome the rejection of users who are less eager to experience pleasure and to use the e-reader, and to find the product’s objective or sensory characteristics that provide pleasure and promote long-lasting use.

Originality/value

The study extends previous studies on e-book readers by emphasizing the need to go beyond adoption intention. It analyzes effective use as a crucial measure of the true adoption of this technology and incorporates the perspective offered by the appraisal theory of emotion, which explains the key role of pleasure in this process.

Details

Online Information Review, vol. 41 no. 2
Type: Research Article
ISSN: 1468-4527

Keywords

Content available
Article
Publication date: 25 May 2021

Manuel Lobato, Javier Rodríguez and Herminio Romero

This study examines the risk-adjusted performance of socially responsible exchange traded funds (SR ETFs) in comparison to conventional ETFs.

Abstract

Purpose

This study examines the risk-adjusted performance of socially responsible exchange traded funds (SR ETFs) in comparison to conventional ETFs.

Design/methodology/approach

The main empirical result is based on a risk-adjusted performance metric that does not rely on a linear framework. It measures the difference between the returns of an ETF and the returns of a volatility-match and efficient portfolio. In addition, performance is measured using alpha based on single and multifactor formulations.

Findings

Results show that the performance of SRI ETFs is not different from the performance of conventional ETFs.

Originality/value

Given the results of the study, socially aware investors can choose to invest in SRI ETFs without sacrificing performance.

Details

The Journal of Risk Finance, vol. 22 no. 1
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 6 May 2020

Manuel Lobato, Javier Rodriguez and Herminio Romero

Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities…

Abstract

Purpose

Patents and patent citations provide a solid signal to investors about a firm’s innovation agenda. This signal can be even more useful for investors demanding securities from foreign firms, given the asymmetric information and adverse selection risk they face. This study aims to examine the patenting activities in the USA performed by non-US companies that trade as American Depositary Receipts (ADRs) in US stock markets.

Design/methodology/approach

The authors examine the effect on the trading volume of a sample of ADRs following the publication of their first patent in the USA.

Findings

The results show that the publication of a first patent has no effect on the liquidity of these ADRs when compared with same-country ADRs without patents.

Originality/value

This study enriches the literature on the relation between innovation, information and the stock market.

Details

European Business Review, vol. 32 no. 4
Type: Research Article
ISSN: 0955-534X

Keywords

Article
Publication date: 13 October 2020

Carlos Colón De Armas, Javier Rodriguez and Herminio Romero

This study examines the influence of the presidential elections on the behaviour of US investors according to the trading activity of two of the most popular investment…

Abstract

Purpose

This study examines the influence of the presidential elections on the behaviour of US investors according to the trading activity of two of the most popular investment vehicles: exchange-traded funds and close-ended funds.

Design/methodology/approach

Based on the fact that investors in these two investment vehicles differ by, at least, two demographic factors that influence investment decisions, age and labour status, inferences are made about the degree of interest and the amount of trading activity that presidential elections provoke.

Findings

The evidence demonstrates that, during the last four US presidential elections, exchange-traded funds' investors trade significantly more than close-ended funds' investors during several event windows centred on the day of an election in which a republican candidate is elected. Close-ended funds' investors are more active during the election of a democratic candidate, although the statistical evidence in that regard is weak. Thus, it appears reasonable to conclude that younger investors who are gainfully employed are induced to trade by a presidential election in which a republican candidate prevails. Apparently, a democratic victory does not provoke the same behaviour.

Originality/value

Although the relation between politics and economics is not an unexplored topic, it is not clear whether the presidential elections themselves constitute an event that triggers the trading behaviour of investors.

Details

Journal of Economic and Administrative Sciences, vol. 37 no. 4
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 5 June 2017

Marta Álvarez and Javier Rodriguez

The purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA.

Abstract

Purpose

The purpose of this paper is to investigate the relationship between single-state municipal bond fund risk and water scarcity in the USA.

Design/methodology/approach

The authors compare the risk profiles of funds from states with limited water resources with those from states without this issue.

Findings

The authors find that, as expected, funds from southern and western states, which suffer from water scarcity, are riskier than funds from other regions within the mainland USA. Although this study is concerned with which funds are riskier, it is noted that funds from the northeast are significantly less risky than funds from other regions.

Originality/value

Due to limited water resources, crumbling water infrastructure and continuous water-rights legal battles, water resources in the USA have become a highly sought-after commodity. In this study, we contribute to the discussion on the many repercussions of water scarcity on financial assets.

Details

Studies in Economics and Finance, vol. 34 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 25 January 2022

Aniel Nieves-González, Javier Rodríguez and José Vega Vilca

This study examines the tracking error (TE) of a sample of sector exchange traded funds (ETFs) using spectral techniques.

Abstract

Purpose

This study examines the tracking error (TE) of a sample of sector exchange traded funds (ETFs) using spectral techniques.

Design/methodology/approach

TE is examined by computing its power spectrum using the wavelet transform. The wavelet transform maps the TE time series from the time domain to the time–frequency domain. Albeit the wavelet transform is a more complicated mathematical tool compared with the Fourier transform, it also has important advantages such as that it allows to analyze non-stationary data and to detect transient behavior.

Findings

Results show that changes in the TE of a sample of sector ETFs are captured by the wavelet transform. Moreover, the authors also find that the wavelet coherence function can be used as a measure of TE in the time–frequency domain.

Originality/value

The study shows that the wavelet coherence function can be used as a reliable measure of TE.

Details

The Journal of Risk Finance, vol. 23 no. 2
Type: Research Article
ISSN: 1526-5943

Keywords

Article
Publication date: 29 March 2019

George Comer and Javier Rodriguez

The purpose of this paper is to examine the risk adjusted performance of unit investment trusts (UITs). These UITs are a unique investment vehicle in that the trusts…

Abstract

Purpose

The purpose of this paper is to examine the risk adjusted performance of unit investment trusts (UITs). These UITs are a unique investment vehicle in that the trusts invest in a fixed portfolio of stocks for a predetermined period of time and hold limited cash positions.

Design/methodology/approach

Using a sample of 1,487 UITs from January 2004 to December 2013, the authors estimate the risk adjusted performance of the UITs. The authors use daily return data and four different returns based models to measure the alphas of the UITs.

Findings

The authors find that before fees and expenses the UITs generate significant negative alphas. The authors also find that observable trust characteristics are unable to explain the poor risk adjusted performance of the trusts.

Originality/value

Despite $85bn being invested in these unique buy and hold vehicles, the academic literature has not examined the risk adjusted performance of the trusts. The poor performance of these trusts indicates that restricting flexibility and maintaining full investment for a fixed period of time may not be beneficial to investors.

Details

Managerial Finance, vol. 45 no. 4
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 9 October 2017

Carlos Colón-De-Armas, Javier Rodriguez and Herminio Romero

The purpose of this paper is to examine the shifts in investor sentiment around the last seven US presidential elections (1988 through 2012).

Abstract

Purpose

The purpose of this paper is to examine the shifts in investor sentiment around the last seven US presidential elections (1988 through 2012).

Design/methodology/approach

Investor sentiment is measured by changes in closed-end funds discounts, and the results are corroborated with three robustness tests, including an alternate measure of investor sentiment obtained from the survey conducted by the American Association of Individual Investors.

Findings

Closed­end funds discounts are significantly diminished from two weeks before a US presidential election to a week before the election, and persist until the week after the election, suggesting an increase in investors’ optimism during that period, particularly when a Democrat is elected president. More than the particular party prevailing, however, investors appear to be more interested in avoiding the entrenchment of power since the results suggest that they become optimistic when a change in the ruling party takes place, but become pessimistic when there is power continuity in the White House. The increase in investor optimism that is observed around the time of US presidential elections is not replicated during non-election years, which seems to corroborate that the elections are indeed driving the results.

Originality/value

This paper is the first to formally examine the relation between investor sentiment and US presidential elections using closed-end funds discounts as the measure for sentiment.

Details

Review of Behavioral Finance, vol. 9 no. 3
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 7 September 2020

Narcisa Meza, Anibal Báez, Javier Rodriguez and Wilfredo Toledo

This paper aims to examine the relationship between the dividend signaling hypothesis and a firm's life cycle.

Abstract

Purpose

This paper aims to examine the relationship between the dividend signaling hypothesis and a firm's life cycle.

Design/methodology/approach

The authors use Dickinson's (2011) methodology to develop a proxy for the firm's stages in its life cycle and to examine the relationship between dividends and future earnings following a nonlinear setting.

Findings

Using a sample of US firms during the 2000–2014 period, the authors find that the signaling hypothesis can be dependent on firm-specific characteristics, such as life cycle stages. The authors report that the relationship between dividend changes and subsequent earnings changes is different for different life stages. They also find that changes in the amount of the dividend provide some information about future earnings, especially during the early (introductory and growth) stages. These results are consistent with the use of earnings or return on assets as the dependent variables in models of earnings expectations.

Originality/value

The authors believe that this is the first time that the dividend signaling hypothesis has been linked to the life cycle of the firm.

Details

Managerial Finance, vol. 46 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

1 – 10 of 271