Search results

This work uses survey data from the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários – CMVM) to examine financial literacy and literacy bias. The main objective of this study is to shed light on this issue by identifying the individual characteristics that are associated with financial literacy, namely overconfidence and underconfidence, which in turn might help explain individuals' financial decisions. The study distinguishes two groups, i.e. students and nonstudents, and considers several characteristics that are usually employed in this stream of research.

The data are based on a survey conducted by a partnership between the CMVM and a consortium of Portuguese universities. This paper has a three-fold aim. First, it studies the main individual features associated with objective financial literacy. Second, it analyzes the relationship between those variables and the bias between self-perceived and objective literacy, distinguishing overconfidence and underconfidence. Third, and most originally, this framework was also used to examine the differences between students and nonstudents. Those aims are pursued using cross-sectional ordinary least squares (OLS) regressions, except for the study of the literacy bias, for which the authors use an ordered probit.

Literacy is higher in individuals of the male gender who are older, have higher incomes, live in metropolitan areas, are highly educated, have a field of study related to finance and have high self-perceived literacy. Younger people are more overconfident. Unconditionally, women are less overconfident than men, but conditionally, they overestimate their knowledge. People holding securities and with a field of study related to finance are more overconfident. The gender effect is mainly driven by students, and the impact of a field of study and of holding securities on overconfidence decreases and increases, respectively, for students. The results highlight the importance of financial education.

Due to the way that the questionnaire was made available, there is no guarantee that the sample is representative of the Portuguese general population, or, for that matter, representative of the typical Portuguese retail investors or households. Also, there is no guarantee that the same individual did not answer the questionnaire more than once, although this is highly improbable. The link to the online questionnaire was only transmitted within e-mail databases owned by the CMVM and Portuguese universities, so the authors cannot guarantee its unbiasedness.

The authors' results may help the National Plan for Financial Education (the acronym in Portuguese is PNFF) fine-tune the required actions towards different target groups and, most importantly, highlight that different groups may require different approaches aiming to narrow the gap between objective and perceived literacy. The first step should be creating procedures to provide feedback on the objective and perceived literacy of those who enroll in financial formation programs.

The study distinguishes two groups, students and nonstudents, providing additional insights that might guide policymakers on how to structure financial education to enhance individual financial behavior. This is especially important in a country such as Portugal which has the lowest objective financial literacy in the Eurozone.

This study contributes to the financial literacy literature, in particular to the stream of research that focuses on psychological biases, by shedding light on the factors associated with both individual overconfidence and underconfidence. Differentiating between students and nonstudents provides additional insights, which might guide policymakers on how to structure financial education to enhance individual financial behavior.

The design of retail backroom storage areas has great impact on in-store operations, customer service level and on store life-cycle costs. Moreover, backroom storage in modern retail grocery stores is critical to several functions, such as acting as a buffer against strong demand lifts yielded by an ever-increasing promotional activity, stocking seasonal peak demand and accommodating e-commerce activities. The purpose of this paper is to propose a framework to design retail backroom storage area. Furthermore, the authors aim to draw attention to the lack of literature on this topic, while clarifying the relationship between this promising research stream and the considerable body of research regarding the design and operations of conventional warehouses, as well as retail in-store operations.

The key literature on backrooms, grocery retail, in-store operations, warehouse design and operations was reviewed. This allowed an understanding of the gap in the literature regarding the design of backrooms. Moreover, a case study methodological approach was conducted in a Portuguese retailer to extend the literature review.

Despite having functions similar to conventional warehouses, backroom storage facilities have particularities that deserve a distinct analysis. Thus, the authors stress these differences and demonstrate how they influence the development of a novel backroom design framework.

This paper fills a gap by proposing a framework to design backroom areas. Furthermore, this research may help practitioners to better design backroom areas, since this process currently lacks a formal and standardized procedure.

Omnichannel implementation in retail requires business transformation and faces several operational barriers. This research discusses how omnichannel has been implemented, in a managerial perspective, and how integration of operations has overcome the identified transformative barriers.

The authors followed a multi-case study approach, with observation and interviews with managers of four big retail companies in Portugal.

The results suggest that retail companies have overcome the barriers to implement omnichannel models through the integration of information technology (IT), the accomplishment of organisational changes and the optimisation of customer feedback, achieving positive business indicators, namely increased sales.

The conclusions of the paper provide valuable information to help companies to design the process of channel's integration in order to overcome the transformative constraints of omnichannel. However, those conclusions emerge from Portuguese case studies of retail companies, and a generalised discussion should consider the contextual diversity of consumer expectations, cultural user experiences in retail and the maturity of digital transformation and omnichannel implementation stage in each country.

Previous studies had characterised the items of omnichannel retail, fulfilment processes, the benefits of channels' integration in customer experience, satisfaction and loyalty and had identified barriers for its implementation. Considering the existence of different stages of omnichannel implementation, this paper explores how retail companies increment omnichannel operations, overcome transformative barriers and achieve the omnichannel benefits, through the whole involvement of the organisation system, the customer approach and the business model, besides the technology integration.

This paper analyses the efficiency of individual retail stores belonging to a Portuguese multi‐market hypermarket retailing chain, employing data envelopment analysis (DEA). The use of DEA for the analysis of intra‐chain comparative store efficiency can be of value in examining the competitiveness of the chain as a whole. Competitiveness should be based on benchmarking the retail outlets which compose the chain. We conclude from our research that some outlets are at the frontier of best practice, while others are inefficient. Managerial implications arising from the study are considered.

The purpose of this paper is to analyse a representative sample of hypermarkets and supermarkets working in the Portuguese market, using a benchmark procedure to compare companies that compete in the same market and thereby deriving managerial and policy implications.

A two‐stage procedure to benchmark the companies was adopted. In the first stage data envelopment analysis (DEA) is used and in the second stage a Tobit model is employed to estimate the efficient drivers.

First, that, on average, the efficiency of hypermarket and supermarket retail companies is high compared with that to be found in other sectors. Second, larger retail groups are, on average, more efficient than the smaller retailers, and third, that national retailers are on average more efficient than regional retailers. Finally, scale plays an important role in this market. The efficiency drivers are market share, number of outlets and location. Finally, regulation has a negative effect on efficiency.

This paper has two limitations. The first is in relation to the data set, and the second in relation to the DEA method. With reference to the data set, the homogeneity of the retailers used in the analysis is questionable, since retailers of different sizes, production characteristics and locations are compared, which may face different restrictions and therefore might not be considered to be directly comparable. However, it can always be claimed that the units are not comparable and that it would consequently be equally impossible to undertake a ratio analysis. Moreover, the data set is short, so that the conclusions are limited. For the conclusions to be generalised, a larger panel data set would be required.

These can be separated into managerial and competitive – more importantly, the latter with its implications for the retailing industry and its future evolution.

Clarifies two issues: the changes in the fortunes of the retail companies, as observed in their sales volume ranking, and the need to look for the causes of retail efficiency, apart from internal managerial procedures.

This paper aims to analyse the importance of service quality and store design as critical variables to promote differentiation and make consumers feel satisfied and committed to a retail brand. Retailers usually undervalue the store design as an element of the strategic mix. However, it may be one of the critical elements to increase retailers’ competitive advantages.

This exploratory study was based on 349 valid responses to a questionnaire online through a snowball sampling approach analysed with structural equation modelling.

The results confirmed that customers’ service quality positively impacts their satisfaction and commitment to the retail brands. However, store design moderates the relationship between customer satisfaction and commitment. The consumers with a higher appreciation for store design presented a lower impact of satisfaction on their commitment to the retail brand. This result shows that a significant part of their satisfaction includes store design appreciation.

This exploratory study was restricted to the Portuguese market, and the sample resulted from a convenience snowball approach.

The retailers should consider store design as an essential variable in their marketing plans to have satisfied and committed customers and be more competitive.

Research on consumers’ behaviour in the retail sector, including the assessment of store design, presents a great potential within the framework of consumer–brand relationship theory, but it is still under-researched. The new model presented highlights the role of store design as a moderator variable.

The effects of customer satisfaction on loyalty have been widely discussed by the academic community. Although the results of the studies reported in the literature are often contradictory, the existence of a relationship between satisfaction and loyalty is acknowledged, despite the influence of moderators and constraints of various kinds. The purpose of this paper is to discuss this relationship in the specific context of the retail sector, since this sector presents major challenges in terms of competition, and efforts placed on customer satisfaction and loyalty are more evident.

A survey based on the European Customer Satisfaction Index (ECSI) model was applied to a retail store in Portugal. This model has its roots in Switzerland, where in 1989, Claes Fornell developed a new complementary method for measuring the overall quality of companies’ output, through the calculation of an aggregated customer satisfaction index. The proposed model is based on a set of causal relationships established between a set of constructs. The ultimate goal is to calculate both satisfaction and loyalty indexes as well as to estimate the relationship between both constructs. Structural equation modelling, based on a partial least squares (PLS) estimation methodology, is the statistical technique used to estimate the model parameters, as well as to compare the aggregated indexes. PLS is based on the principles of linear regression and combines multiple regression aspects with factor analysis, in order to estimate a series of interrelated relationships.

The results confirm a positive influence of satisfaction on customers’ loyalty to the retail store. The study also shows the importance of the image construct, due to its strong direct effects on satisfaction, which makes it essential for influencing the loyalty index, both directly and indirectly. The impact of the image construct is also evident on the expectations, as the latter has shown a considerable direct effect on perceived quality.

The study is based on a single case study of a Portuguese sports retail store. In future it would be interesting to study a representative sample of the whole retail sector.

The study is useful for the specific retail store where it was undertaken to help it devise better customer service, in order to increase satisfaction and loyalty. It is also useful for the entire network of stores for that retailer and other retail chains.

The systematic application of customer surveys to whole sectors of the economy would improve competition, customer service and, ultimately, contribute to development and economic growth.

The ECSI has been applied to various industry sectors in different countries, including Portugal. It has never been used in the context of the Portuguese retail sector and it adds to the discussion on the relationship between satisfaction and loyalty, which is a pertinent topic of interest for researchers in quality management.

Both franchising and internationalisation are important subjects of study, but in the existent literature little attention has been given to these two topics combined. The purpose of this paper is to analyse the internationalisation through franchising, using as a case study the internationalisation process of Parfois, a specialised retail brand based in northern Portugal, and operating in the fashion accessories business.

A case study approach was adopted based on information collected from various sources, including the company's website, the World Bank database, some news reports about Parfois, and also from interviews with those responsible for the internationalisation of Parfois.

The authors have identified a clear pattern in the internationalisation process: the firm is willing to open its own stores in the European market, where it feels comfortable, allowing franchisees to assume the investment risk in other world regions, with particular relevance for the Middle East and Eastern Europe.

In the international competitive market, it is important for other retail brands to understand how a relatively small retail brand, based in a depressed European zone, is able to expand worldwide. Furthermore, the lack of existing literature about internationalisation through franchising in specialised retailing companies adds value to this study.

The purpose of this study is to examine how international workers engage into and make sense of expatriation and how sense-making enacts further action.

Given the corporate influence over expatriation, empirical data were collected from a single case study organization, a well-established Portuguese retail company. The primary data sources were the in-depth interviews with 13 international workers, while other secondary data sources included company documents that provided the background information required to understand the interviewees and describe the organization. The experiences of expatriation through the accounts and stories of these workers were subject to thematic content analysis.

The findings demonstrate that international workers act as sense-makers and sense-givers vehicles about expatriation. By doing so, they enact a plausible and dominant story that ultimately bounds the perception of divergent cues and limit their own action. While this ongoing dialogue between expatriation meaning and action can raise organizational actors’ capacities to negotiate and influence further meaning and action, it also validates existing practices and generates further compliance.

Despite being limited to a single organizational context, this study offers a contextualized approach to the study of expatriation that complements earlier research and highlights sense-making dynamics and related outcomes, further extending the applications of the sense-making perspective. This study suggests new research avenues exploring the politics and negotiation bonds from which expatriation sense-making can emerge as well as the opportunities for disruptive sense-making.

The purpose of this paper is to estimate retailing efficiency in a 26-store women clothing retail chain and to decompose it in several measures in order to contribute to the performance improvement of this retail service firm, as well as to compare the efficiency of the different decision making units.

This paper uses the following measures to estimate efficiency: sigma convergence analysis; efficiency analysis; technical efficiency (TE) analysis; pure technical efficiency (PTE) analysis and scale efficiency (SE) analysis for a set of 26 stores of a women retail service brand operating in Portugal. A cross-section input-oriented data envelopment analysis (DEA) is used to analyse quarterly data sets from 2010 to 2013.

The results show that costs with personnel are slightly increasing when analysed using the sigma convergence method, although there are some geographical differences. Moreover, it is possible to witness that the retail store chain’s TE diminishes as the operations outputs do not grow as fast as input savings. On the other hand, there are no SE problems as the levels of SE are larger than pure efficiency levels.

The main limitation of the study stems from the fact that the analysis is based on a simple retail chain, which makes it a single case study. Therefore, the generalisation of the conclusions for other firms or for other periods of analysis should be made cautiously.

It is shown that some stores have a good TE and other stores have some SE advantage. As such, it is possible to select some stores as benchmarks to deploy internal efficiency throughout the retail chain.

The contribution of this paper is based on the application of the sigma conversion and DEA techniques to evaluate efficiency in retail service store.