Journal of CENTRUM Cathedra. Vol. 05, Issue 01
URI permanente para esta colecciónhttp://54.81.141.168/handle/123456789/194732
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JCC Volume 5 - Issue 1 - 2012
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Ítem Acceso Abierto Recession and Family Firm Performance: An Assessment of Small U.K. Family-Owned Hotels(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Chaston, IanThe prevailing view in the literature is that small family firms outperform nonfamily businesses. The nature of the former’s management style also means that these businesses are more likely to sustain their performance in a recession. Drucker (1985b) extended the Schumpeterian view that the most important time for entrepreneurial behavior is in periods of environmental turbulence such as during a major economic downturn. A mail survey of small family-owned and nonfamily U.K. hotels was utilized to assess business performance, entrepreneurial orientation, and strategic flexibility. Results indicated that family-owned hotels outperformed nonfamily businesses. Family-owned hotels which enjoyed sales growth during the recession were those which exhibit an entrepreneurial orientation and strategic flexibility. This conclusion was found to apply to both family-owned and nonfamily hotels. The implications of these results are that small family firms seeking to survive in a recession should probably exhibit an entrepreneurial orientation and be strategically flexible.Ítem Acceso Abierto Option Pricing Models with HF Data: An Application of the Black Model to the WIG20 Index(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Kokoszczynski, Ryszard; Sakowski, Paweł; Ślepaczuk, RobertIn this paper, we compared several Black option pricing models by applying different measures of volatility and examined the Black model with historical (BHV), implied (BIV), and several different types of realized (BRV) volatility. The main objective of the study was to find the best model; that is, the model that predicts the actual market price with the minimum error. The high frequency (HF) data and bid-ask quotes (instead of transactional data) for the Warsaw Stock Exchange (WSE) were used to omit the problem of nonsynchronous trading and to increase the number of observations. Several error statistics and the percentage of price overpredictions (OP) showed the results that confirmed the initial intuition that the BIV model is the best model, the BHV model is the second best, and the BRV is the least efficient among the models studied.Ítem Acceso Abierto Marketing Capabilities Development in Small and Medium Enterprises: Implications for Performance(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Santos-Vijande, Leticia; Sanzo-Pérez, María; Trespalacios Gutiérrez, Juan; Rodríguez, NuriaThe purpose of the research is to analyze the organizational antecedents of marketing capabilities and their impact on business performance using a sample of small and medium enterprises (SMEs). More specifically, the research analyzes the effect of the organizations’ internal marketing (IM) practices on the employees’ implementation of a coordinated set of commercial abilities crucial to firms’ competitiveness. Results of the research indicate that IM, or the management of human resources as internal organizational clients, is a key determinant in motivating employees effectively to develop both strategic and operational marketing capabilities. Marketing capabilities exert a significant and positive effect on clients’ satisfaction and loyalty, which ultimately lead to better organizational performance in terms of sales, profit, and market share. The research also contributes to the scarce amount of empirical evidence on the positive and direct effect of IM strategies on business performance.Ítem Acceso Abierto Researching Multilevel Phenomena: The Case of Collaborative Advantage in Strategic Management(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Foss, Nicolai J.; Nielsen, Bo BernhardA number of literatures in management, innovation studies, economic geography, and so on point to 'collaborative advantages' that can arise at multiple levels. We discuss conceptual, theoretical and methodological difficulties with this and related notions. Many of these difficulties stem from the multi-level nature of these constructs themselves, as well as from the fact that their antecedents and consequences may be located at multiple levels. Accordingly, this paper offers a condensed primer on multi-level conceptual and methodological issues pertaining to collaborative advantage in order to guide future research. We focus much of our discussion on a particular type of collaboration – strategic alliances among business firms – an area of research that plays a central role in strategic management, international business and organizational science. Despite this focus, most of the ensuing discussion applies equally well to other kinds of collaborations and we draw parallels to these where relevant.Ítem Acceso Abierto Assessing Knowledge Assets in Technology-Intensive Firms: Proposing a Model of Intellectual Capital(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Martín-de Castro, Gregorio; Verde, Miriam DelgadoKnowledge assets are key organizational factors responsible for gaining a sustained competitive advantage in the new knowledge economy characterized by high degrees of environmental turbulence, complexity, and dynamism. Although the scientific and professional literature has provided numerous proposals for measuring a firm’s knowledge stock or intellectual capital, further research is still needed because empirically supported models for the classification and measurement of a firm’s intellectual capital, adapted to different contexts, are not very common. To fill this gap, a model has been developed in order to analyze the nature and measurement of intellectual capital blocks in technology - intensive firms.Ítem Acceso Abierto Labor Productivity in Peru: 1997-2007(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Tello, Mario D.The purpose of this paper was to decompose the changes in labor productivity of the Peruvian economy into the between- and within-sector effects using 39 sectors in terms of production structure for the period 1997-2007. This sectoral level of analysis was contrasted with a similar, although extended, decomposition at firm level using a sample of 7096 formal manufacturing enterprises for the period 2002-2007. At the sectoral level, the evidence shows that the between-sector or reallocation effects dominate most of the changes in labor productivity in the economy. However, at the firm level, the within-sector effects dominate the changes in labor productivity for the sample of formal firms. The role played by the informal sector in the determination of Peruvian labor productivity may explain the differences. On one hand, the informal sector tends to reduce the within-sector effects because of its significant employment share in manufacturing and its low level of labor productivity. On the other hand, the informal sector tends to increase the between-sector effects, given its buffer feature of generating employment in both crisis and boom periods.Ítem Acceso Abierto An Application of GARCH Models in Detecting Systematic Bias in Options Pricing and Determining Arbitrage in Options(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Dash, Mihir; Dagha, Jay H.; Sharma, Pooja; Singhal, RashmiDerivatives have become widely accepted as tools for hedging and risk-management, as well as speculation to some extent. A more recent trend has been gaining ground, namely, arbitrage in derivatives.Ítem Acceso Abierto The Ex-Dividend Day Anomaly in the Spanish Stock Market(Pontificia Universidad Católica del Perú. CENTRUM, 2012) Garcia-Blandon, Josep; Martinez-Blasco, MonicaThe purpose of this paper was to investigate the behavior of stock returns and trading volumes around ex-dividend dates in the Spanish stock market, using event study methodology. Clear consensus is evident in the literature about the fact that stock prices fall by less than the dividend paid on ex-dividend days. This behavior indicates a preference for capital gains over dividends, generally explained in terms of tax advantages. Contrary to the existing consensus, the results of this study did not reflect significant abnormal returns on ex-dividend days. The finding is consistent with the fact that nowadays Spain taxes dividends and capital gains at the same rate. In addition, abnormally high trading volumes are apparent around ex-dividend dates, especially for high-yield stocks.