Venture capital and the financial crisis in Portugal: the VC managers’ viewpoint

2016 ◽  
Vol 23 (4) ◽  
pp. 1032-1056 ◽  
Author(s):  
Carlos Cabral-Cardoso ◽  
Maria Céu Cortez ◽  
Luísa Lopes
Keyword(s):  
Venture Capital ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Dynamic Environment ◽  
Small Dimension ◽  
Control Mechanisms ◽  
Structured Interviews ◽  
Cumulative Impact ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to examine, from the venture capital (VC) managers’ perspective, the impact of the international financial and sovereign debt crises on the VC industry in Portugal, and the changes and adjustments VC managers were forced to adopt to their procedures and current practices to cope with these challenges. Design/methodology/approach A two-step research design was adopted to best capture the dynamics of the crisis. Data were collected through in-depth semi-structured interviews and content analysed. The initial set of interviews with ten VC managers was conducted in 2011, immediately before the country bailout; and the second set in 2013, when the full impact of the debt crisis was being felt. Findings The study shows that the crises had a significant impact on the VC industry producing a complex and dynamic environment with high levels of uncertainty. The VC managers’ contradictory perceptions reflect their own struggle to figure out the best way to deal with the pressures in such a volatile environment where new opportunities may also arise. In general, VC firms became more selective adopting a more prudential attitude and tighter control mechanisms. Originality/value This study contributes to the field by analysing, from the VC managers’ perspective, the cumulative impact of the international financial and sovereign debt crisis on a European VC market with specific features: small dimension of the industry operating in a bank-centred capital market and where family-owned SMEs predominate.

Internal auditor perceptions of corporate governance in Greece after the crisis

2019 ◽  
Vol 17 (2) ◽  
pp. 201-227
Author(s):  
Charilaos Mertzanis ◽  
Vangelis Balntas ◽  
Thodoris Pantazopoulos
Keyword(s):  
Corporate Governance ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Internal Audit ◽  
Sovereign Debt Crisis ◽  
Structured Interviews ◽  
Content Type ◽  
Internal Auditors ◽  
Short Period

Purpose This paper aims to present the views of internal auditors in Greece on the relation between the internal audit function (IAF) and corporate governance (CG) after several years of European market integration and in the aftermath of the sovereign debt crisis. Design/methodology/approach Data are collected using semi-structured interviews with 15 internal auditors working in firms with different size and in different sectors of activity. Interviewees have diverse experience and hold various positions in the firm. Findings Respondents perceive a strong relation between the IAF and CG. They view the IAF as a preventive tool that provides monitoring and advisory services to firms. They stress the inadequate monitoring role of the board in the IAF, and they support a proactive intervention in the strategic audit planning process. They see a small role for shareholders in CG. They stress the need to focus more on the efficiency and effectiveness considerations in carrying out the IAF. They perceive CG-related information as important for meeting formal compliance needs rather than contributing to decision-making or audit process planning. They believe that audit committees (AC) are weak in implementing effective monitoring, due to inadequate knowledge and expertise of their members. They would like to see a two-way interaction between auditors, AC and management. They would like to enjoy more independence through the implementation of international standards of auditing and statutory regulation. Research limitations/implications The sample covers 15 auditors from an equivalent number of firms and few sectors of activity. Accessing potential interviewees was difficult due to the perceived conflict between their work requirements and public statement of their views. Practical implications The proposed method adds to the qualitative analysis literature with regard to measuring and evaluating the personal views of auditors on CG. The study provides empirical evidence of the need to use extensive qualitative research to assess the auditors’ views on the role of CG for their work. Originality/value The role of internal audit in CG effectiveness is a key policy concern, especially in countries with diverse market environments. Greece is such an environment for it has undergone a major institutional change within a short period and suffered greatly from its sovereign debt crisis. Further, few studies have sought and evaluated the views of internal auditors by using semi-structured interviews. The latter provide details, which other methods cannot capture. The results of this study are especially useful to the competent regulators, for they reflect market perceptions on the importance and effectiveness of CG practices. They are also useful to practitioners to identify potential root causes of audit deficiencies.

Regulation of uncovered sovereign credit default swaps – evidence from the European Union

2015 ◽  
Vol 16 (4) ◽  
pp. 425-443 ◽  
Author(s):  
Florian Kiesel ◽  
Felix Lücke ◽  
Dirk Schiereck
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Credit Default Swap ◽  
The European Union ◽  
Content Type ◽  
Sovereign Credit ◽  
Credit Default ◽  
The Impact ◽  
The Eu

Purpose – This study aims to analyze the impact and effectiveness of the regulation on the European sovereign Credit Default Swap (CDS) market. The European sovereign debt crisis has drawn considerable attention to the CDS market. CDS have the ability of a speculative instrument to bet against a sovereign default. Therefore, the Regulation (EU) No. 236/2012 was introduced as the worldwide first uncovered CDS regulation. It prohibits buying uncovered sovereign CDS contracts in the European Union (EU). Design/methodology/approach – First, this paper measures spread changes of sovereign CDS of the EU member states around regulation specific event dates to detect whether and when European sovereign CDS reacts to regulation announcements and the enforcement of regulation. Second, it compares the CDS long-term stability of the EU sample with a non-EU sample based on 44 non-EU sovereign CDS entities. Findings – The results indicate widening CDS spreads prior to the regulation, and stable CDS spreads following the introduction of the regulation. In particular, sovereign CDS of European crisis-hit entities are stable since the regulation was introduced. Originality/value – The results show that since the regulation of uncovered CDS in the EU has been enacted, the sovereign CDS market is stable and less volatile. Based on the theory about speculation on uncovered sovereign CDS by betting on the reference entity’s default, the introduction of Regulation (EU) No. 236/2012 appears to be an appropriate measure to stabilize markets and reduce speculation on sovereign defaults.

The impact of sovereign ratings on euro zone SMEs’ credit rationing

2017 ◽  
Vol 44 (5) ◽  
pp. 745-764 ◽  
Author(s):  
Michael Demoussis ◽  
Konstantinos Drakos ◽  
Nicholas Giannakopoulos
Keyword(s):  
Sovereign Debt ◽  
Credit Rating ◽  
Debt Crisis ◽  
Relevant Literature ◽  
Credit Rationing ◽  
Firm Level ◽  
Content Type ◽  
Euro Zone ◽  
Sovereign Credit ◽  
The Impact

Purpose The purpose of this paper is to investigate credit rationing across firms in euro zone countries, as it relates to its own sovereign credit ratings. Design/methodology/approach The authors utilize firm-level data from the Survey on Access to Finance of Enterprises for the period 2009-2013 conducted by the European Central Bank. Findings A negative association between the rating of sovereign creditworthiness and credit rationing is identified, while credit rationing varies substantially even among countries with the highest quality of sovereign bonds. Credit rationing is lower in sovereigns with high-quality ratings and higher in sovereigns near default. These results remain intact when fundamental firm characteristics (e.g. firm’s age and size, sector of economic activity, financial situation, etc.) are taken into consideration. This indicates that the interconnection of sovereign debt risk with domestic credit market outcomes is robust. Originality/value The present study contributes to the relevant literature by performing a detailed analysis of credit rationing for euro zone SMEs and by exploring the link between sovereign credit rating and credit rationing during the sovereign debt crisis period.

Trade credit in times of crisis: evidence from European SMEs

2018 ◽  
Vol 25 (2) ◽  
pp. 277-293 ◽  
Author(s):  
Candida Bussoli ◽  
Francesca Marino
Keyword(s):  
Financial Crisis ◽  
Sovereign Debt ◽  
Trade Credit ◽  
Debt Crisis ◽  
Sovereign Debt Crisis ◽  
Content Type ◽  
Accounts Payable ◽  
Before And After ◽  
Credit Channels ◽  
The Impact

Purpose The purpose of this paper is to investigate the use of trade credit in a sample of small and medium enterprises in Europe, before and after the outbreak of the subprime financial crisis and the sovereign debt crisis (2006-2013). This study aims to verify whether trade credit is an alternative source of funding compared to other sources of financing. In addition, it tests whether firms that grant extended payment terms to their customers demand delayed accounts payable terms from their suppliers. Design/methodology/approach The empirical analysis is conducted on a sample of European SMEs that were observed over the period immediately before and after the outbreak of the subprime crisis (2008) and the sovereign debt crisis (2010-2011). A panel data analysis is conducted using the generalized method of moment. Findings The results suggest that SMEs with a high probability of insolvency use trade credit more extensively. Distressed and weaker SMEs are less able to match accounts receivable to accounts payable. Finally, the evidence suggests that during the financial crises, the substitution hypothesis is weakened and liquidity shocks are propagated through trade credit channels. Originality/value This study contributes to the extant literature as very few studies have analyzed intercompany financing for European SMEs during periods of financial crisis. The results suggest that supporting trade credit channels, through timely injections of liquidity to companies, could reduce the impact of both financial and intercompany credit crunch on SMEs.

European Economies Stability Faced With Potential Outburst of Sovereign Debt Crisis. An Empirical Study Using Neural Network

2013 ◽  
Vol 12 (2) ◽  
pp. 3255-3260
Author(s):  
Stelian Stancu ◽  
Alexandra Maria Constantin
Keyword(s):  
Neural Network ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Banking System ◽  
Sovereign Debt Crisis ◽  
European Level ◽  
Continuous Growth ◽  
Economic Context ◽  
European Economies ◽  
The Impact

Instilment, on a European level, of a state incompatible with the state of stability on a macroeconomic level and in the financial-banking system lead to continuous growth of vulnerability of European economies, situated at the verge of an outburst of sovereign debt crises. In this context, the current papers main objective is to produce a study regarding the vulnerability of European economies faced with potential outburst of sovereign debt crisis, which implies quantitative analysis of the impact of sovereign debt on the sensitivity of the European Unions economies. The paper also entails the following specific objectives: completing an introduction in the current European economic context, conceptualization of the notion of “sovereign debt crisis, presenting the methodology and obtained empirical results, as well as exposition of the conclusions.

The impact of collaborative engagement on knowledge and performance gains in episodic collaborations

2014 ◽  
Vol 25 (2) ◽  
pp. 245-269 ◽  
Author(s):  
Nancy W. Nix ◽  
Zach G. Zacharia
Keyword(s):  
Structural Equation ◽  
Equation Modeling ◽  
Structured Interviews ◽  
Ancillary Benefits ◽  
Content Type ◽  
Empirical Survey ◽  
Collaborative Engagement ◽  
Relational Outcomes ◽  
The Impact ◽  
Ancillary Benefit

Purpose – Supply chains are embedded in a larger network of enterprises where firms exchange offerings, often compete for the same customers, and constantly innovate to improve their performance. In these dynamic environments, firms are increasingly dependent on the knowledge and expertise in external organizations to innovate, problem-solve, and improve performance. Firms are increasingly collaborating to exchange and pool skills and knowledge and deploy resources and capabilities not found in their own firm. This research using both structured interviews and survey data seeks to determine what are the direct benefits and the ancillary benefits of collaboration. The paper aims to discuss these issues. Design/methodology/approach – A mixed methodology approach was utilized, using qualitative structured interviews leading to developing a research model and then an empirical survey of 473 participants who are involved in their respective organization's collaboration projects. The data were analyzed using structural equation modeling to examine relationships between collaborative engagement, knowledge gained, operational outcomes and relational outcomes. Findings – The results of the study indicate that collaborative engagement has a direct effect on knowledge gained, operational outcomes and relational outcomes in collaboration. The ancillary benefit of collaboration is the learning that takes place leads to improved operational outcomes and relational outcomes. Research limitations/implications – In this research study all the constructs are only examined from a single perspective. This can be a limitation as it would be of greater value to collect data from all the members involved in the collaboration. Originality/value – Collaboration has been well studied in many fields but this research suggests an important ancillary benefit that needs to be considered when deciding to collaborate is the knowledge and learning that happens during a collaboration.

Public libraries digital services and sustainability issues

2015 ◽  
Vol 28 (1/2) ◽  
pp. 34-43 ◽  
Author(s):  
Katarina Michnik
Keyword(s):  
Public Libraries ◽  
Qualitative Content Analysis ◽  
Public Library ◽  
Structured Interviews ◽  
Content Type ◽  
The Sustainable Development ◽  
Digital Services ◽  
Local Politicians ◽  
Physical Spaces ◽  
The Impact

Purpose – The purpose of this paper is to study how Swedish local politicians perceive the impact of public library digital services on public libraries and to discuss how this can affect the sustainable development of public libraries. Design/methodology/approach – Empirical data were collected through semi-structured interviews with local politicians from 19 different Swedish municipalities. Data were treated to qualitative content analysis and discussed based on the concept of sustainable organization. Findings – According to local politicians, public library digital services may affect public libraries through changes to libraries’ physical spaces, librarians’ tasks and competencies and libraries’ economic situations. Based on these findings, public library digital services can both strengthen and weaken public library sustainability through, for example, increased access and expenditures, the latter of which may threaten public library sustainability. Research limitations/implications – Interviews did not focus specifically on the politicians’ views on public library digital services but dealt generally with their views on public libraries. To identify reasons for variations in views on this topic, follow-up interviews should be done. Data on views from public library managers would also be of use to determine the degree to which they are shared with local politicians. Originality/value – When sustainability and public libraries are discussed, the focus is generally on the library’s contribution to a sustainable society. Here, the focus is instead on the sustainability of the public library itself.

scholarly journals Teaching health education

2017 ◽  
Vol 117 (3) ◽  
pp. 323-340 ◽  
Author(s):  
Karen Pickett ◽  
Willeke Rietdijk ◽  
Jenny Byrne ◽  
Jonathan Shepherd ◽  
Paul Roderick ◽  
...  
Keyword(s):  
Health Promotion ◽  
Health Education ◽  
Life Experience ◽  
Education Programme ◽  
Practical Experience ◽  
Early Career ◽  
Health Issues ◽  
Structured Interviews ◽  
Content Type ◽  
The Impact

Purpose The purpose of this paper is to understand early career teachers’ perceptions of the impact of a pre-service health education programme on their health promotion practice in schools and the contextual factors that influence this. Design/methodology/approach Semi-structured interviews were conducted with 14 primary and secondary trainee and qualified teachers who had trained at a university in England. Data were analysed using thematic analysis. Findings The teachers found the training to be a useful introduction, particularly when it was relevant to their practice. They valued gaining practical skills at university, on placement and in school once qualified. They reported that witnessing pupils’ lives in school had increased their awareness that health education is important. Their personal qualities, life experience, the school’s ethos and competing pressures influenced their practice. Teachers considered that building relationships with colleagues, pupils and parents facilitated health promotion, and that health education needs to be relevant to pupils. Some teachers expressed that teaching about health could be a “minefield”. They also discussed whether schools or parents are responsible for educating pupils about health issues and the place of health promotion within education’s wider purpose. Originality/value Few studies have followed-up trainee teachers once they are in teaching posts to explore the longer-term perceived impact of pre-service health education training. The findings suggest that teachers’ development takes place via an interaction between training and practice, suggesting that training could particularly aim to provide teachers with a contextualised understanding of health issues and practical experience.

Critique and the video production classroom: providing students the skills to navigate new media literacies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jessie Nixon
Keyword(s):  
Young People ◽  
New Media ◽  
Digital Media ◽  
Media Literacy ◽  
Literacy Skills ◽  
Video Production ◽  
Structured Interviews ◽  
Content Type ◽  
New Media Literacy ◽  
The Impact

Purpose This paper aims to demonstrate how teaching the discourse of critique, an integral part of the video production process, can be used to eliminate barriers for young people in gaining new media literacy skills helping more young people become producers rather than consumers of digital media. Design/methodology/approach This paper describes an instrumental qualitative case study (Stake, 2000) in two elective high school video production classrooms in the Midwestern region of the USA. The author conducted observations, video and audio recorded critique sessions, conducted semi-structured interviews and collected artifacts throughout production including storyboards, brainstorms and rough and final cuts of videos. Findings Throughout critique, young video producers used argumentation strategies to cocreate meaning, multiple methods of inquiry and questioning, critically evaluated feedback and synthesized their ideas and those of their peers to achieve their intended artistic vision. Young video producers used feedback in the following ways: incorporated feedback directly into their work, rejected and ignored feedback, or incorporated some element of the feedback in a way not originally intended. Originality/value This paper demonstrates how teaching the discourse of critique can be used to eliminate barriers for young people in gaining new media literacy skills. Educators can teach argumentation and inquiry strategies through using thinking guides that encourage active processing and through engaging near peer mentors. Classroom educators can integrate the arts-based practice of the pitch critique session to maximize the impact of peer-to-peer learning.

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